REXTAR® Open Offer™
The best features of an auction with the
flexibility of a negotiated sale.
Maximizes Competition & Transparency
REXTAR’S® Open Offer™ platform provides a new, superior way to buy and sell real estate - It maximizes efficiency, transparency and competition. Buyers compete online by submitting offers in a bidding format. But they’re not bidding price alone, they’re also competing with respect to contingencies – finance, inspection, days to close and money down.
The seller, in turn, is not constrained to accept an offer based on price alone. For example, a seller might prefer an all-cash offer to one with a somewhat higher price, but which includes a finance contingency. During the bidding process, the seller communicates directly with buyers and can express such preferences via comments that are visible to all bidders, such as: “I would prefer the offer of buyer A to that of buyer B if A were to reduce the time to closing by a couple of weeks.”
Because there are no private communications between buyers and sellers - every offer, and every comment, is visible to all parties – buyers never have to lose a deal because of secrecy in the negotiating process. This total transparency maximizes competition and delivers consistent, optimal results to sellers.
Sellers have Maximum Flexibility
It also streamlines the offer/counteroffer process immensely. Instead of taking days to prepare and review contracts, offers can be made in seconds at the click of a button. In a very short time, buyers can make - and sellers can evaluate - dozens of offers. This streamlining is also a major benefit to real estate agents, who must otherwise trudge through the unwieldy, paperwork-laden chores of preparing, submitting, modifying and resubmitting a stack of documents with each offer and counteroffer.
Sellers have complete flexibility with respect to how this process is handled and can even adjust the bidding timeframe to best suit their circumstances. For example, in a hot, seller’s market, we would recommend bidding to occur over a compressed period of two to three hours. In this scenario, the seller responds to offers in real-time and buyers are compelled to compete intensively.
Buyers Never have to Lose a Deal
When bidding ends, the seller evaluates the offers and decides whether to accept one of them. As with a standard auction, sniping – attempting to win an auction by making an offer in the last moment – can be prevented. In such a case, if an offer is submitted in the last ten minutes the auction would automatically be extended for an additional ten minutes, with the process repeating as often as necessary. On the other hand, the seller could terminate the auction early, by giving notice and communicating the intent to accept a particular offer.
With REXTAR®, the seller can evaluate buyer interest before deciding whether, or when, to utilize a compressed bidding period. For example, it might be advantageous to initially market some properties with an open-ended time frame, with no constraints on when offers will be accepted. A seller might take the first offer that comes in or field and respond to offers until the end of the listing period.
Empowers Buyers and Sellers
If circumstances warrant compressing the bidding timeframe to create a highly charged, competitive auction atmosphere, the seller can do so by notifying prospective buyers that the change will be implemented.
REXTAR’S® Open Offer™ platform provides sellers and buyers maximal flexibility and transparency. Buyers can optimize their offers in response to both their competitors’ positions and the seller’s responses to those positions – all of which are on clear display for everyone to see. Sellers, in turn, can influence offers by commenting on them, in real-time, and by adjusting the time frame of the offer period to optimize competition. All participants can easily and precisely manage the parameters under their control, like adjusting dials on a finely tunable device.