Under the terms and conditions of an Openn Negotiation, the Seller is not allowed to instruct or make any vendor bids or dummy bids of any kind.
In fact, Vendor or Dummy bids to drive up price, are impossible with an Openn Negotiation as all bids come from fully contracted buyers.
In the case of a joint owner wanting to purchase the property, they will go through the qualification process just like any other bidder and will be identified on their paddle number as a vendor, marked with a ‘V’.
Below is an example bidding timeline showing a Vendor bid with the preceding 'V'.
EXAMPLE BIDDING TIMELINE
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article