The bidding log
The bidding log and bidding on a home
Bidding upon registration is now very normal for prospective buyers. Very attractive for sellers, but very stressful for buyers. In an overstressed housing market, people are massively outbid and you never know how promising your offer is. Afterwards, many wonder how the sale came about and how much they were outbid. Since January 1, 2023, the digital bid log has been mandatory for the sale of homes by members of the NVM. As a bidder, you gain insight into the other bids that have been made on the property. This offers buyers a more transparent process.
What is the Bidding Log?
The bidding log is a digital logbook in which all bids (including movable property) are recorded, including the time of receipt and whether there are any reservations and possibly a personal message. The content of any reservations or personal messages is not visible. This way, prospective buyers can see afterwards how their offer compared to others. The NVM also hopes to restore buyers' confidence in a fair purchasing process. Something that has been under considerable pressure in recent years.
Bid upon registration
If the seller wants to sell his home through sale by registration, this means that you as a prospective buyer cannot negotiate the price. All candidates can submit their ultimate bid once. You must submit this offer to the selling agent or a notary before a certain time. This is all recorded in the bidding log. In addition to the amount you want to pay for the house, you should also include any reservations in your offer, such as a financing reservation. If you are unable to arrange your mortgage, you can still get out of the purchase, provided the seller accepts your offer, of course. In most cases, the seller will prefer an unreserved offer.
The bidding log for bidding at registration
In addition to a price and any reservations, there are also conditions attached to your offer. You can specify a delivery date, validity period of the offer and any takeover of movable property. Other resolutive conditions (or reservations) are whether it is possible to take out the mortgage with NHG (National Mortgage Guarantee), whether the home passes a building inspection, whether you receive the permit for a desired renovation and the NVM-No risk clause, so that you can cancel the purchase if you cannot sell your own home.
In addition to conditions, you can also add a personal message for the seller. Sometimes this just creates the favorability factor. The seller often has an emotional connection with his house and wants that
it goes into good hands. But practical and financial matters are often the deciding factor. All these matters are included in the bidding log. Afterwards, all candidates can see what amount you have offered and whether you have set any conditions. But only the seller and the selling agent can view its contents.
When an offer is accepted
When an offer is accepted, the selling agent will notify you. However, the sale is only final when both parties have signed the purchase contract and when the three-day reflection period has expired. If the purchase is not canceled, the seller will go through the bids again. The bid log will only be made public once the sale of the home has been completed. Who knows, you can also use the information for future bids.
