Geelong agent turns to app that opens auctions to conditional and absent buyers
A Geelong agent has found a way to allow buyers that don’t have iron-clad bank approval to bid for properties at auctions.
McGrath, Geelong agent Will Ainsworth has started using the online purchasing platform Openn Negotiation, which provides a flexible term online auction process.
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Mr Ainsworth said the app was developed in Western Australia when that state’s property market declined at the end of the mining boom.
He said it’s a hybrid between auction and private treaty sales processes, allowing buyers to bid in a transparent environment like a public auction, but with agreeable terms not allowed at a public auction, like being subject to finance or a condition report.
“It’s kind of like eBay — it’s flexible so people can bid with terms. The vendors have to agree to their terms and they’re approved and they’re in and can bid,” he said.
Otherwise, the sale is governed by normal auction rules.
Mr Ainsworth has listed three properties on the platform, including a four-bedroom house at 40 Elizabeth St, Geelong West where an auction scheduled for last weekend was cancelled at the last minute.
The corner house blends character charm with contemporary style in an edgy design.
Entertaining options are provided inside and out with an open-plan living zone that has stone benches, sleek cabinetry and a stainless steel dishwasher, 900mm oven and 900mm induction cooktop.
An upstairs retreat has a pitched ceiling and window seat.
One qualified buyer placed a $650,000 bid on Saturday.
Mr Ainsworth has set a price guide is $780,000 and $830,000.
“Like a typical auction, they tend to start low and build up,” he said.
“The auction goes over a three or four week period but if there’s enough interest you can bring it forward. If there was five bidders, you could hold it tomorrow.
“It’s very transparent so when every offer that comes, everyone that’s registered is sent a notification.
“The property cannot be sold without their knowledge.”
There are two other properties offered through the app at 24 Margaret St, Rippleside, and at 9 Delgany Mews, Waurn Ponds.