What is the Campaign Stage and Final Bidding Stage?

Modified on: Wed, 18 Dec, 2019 at 3:47 PM

The Campaign Bidding Stage is from the time of listing until the Final Bidding Stage starts. 

This is when the agent is accepting starting bids, qualifying buyers, holding home opens and inspections and buyers are able to enter their starting price. 

Bidders are qualified during the Campaign Bidding Stage and it is important to note that new buyers can only join during this stage. Once qualified, Bidders are able to improve on their bid, at any time.

The Final Bidding Stage is the final stage of the Openn Negotiation. 

When the Final Bidding Stage begins, an initial 5-minute countdown timer displays on the screen waiting for the next bid. 

During this stage, each time someone bids or the bidding increment is adjusted, the bidding clock resets and allows two-minutes for any other bidder to make their next bid.  

The Agent can reduce the bidding increment just as you’d expect with a traditional auction and when the bid increment is adjusted, the 2-minute clock restarts, to give all buyers a chance to bid at the lower increment.  

Once the property is past the reserve price, a large red banner will appear announcing the property is on the market and will sell! 

After the clock runs out; if the property has reached reserve, it is sold to the highest bidder or if it has not meet reserve it is passed in and the Agent will continue negotiations with the bidders. 

The 2 minute clock is designed to give buyers multiple bids and provide plenty of time for you to determine your next bid.  

Note that the agent (who is usually with the Seller during the Final Bidding Stage), can pause the negotiation if required for a number of reasons including to speak to the owner to set new bidding increments, determine when the home meets the reserve or reduce the reserve if required, call a Buyer direct to encourage an additional bid or determine if a Buyer is not going to proceed further.




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