An Inschrijving/offer by deadline, something you’ve no doubt heard of or dealt with if you’ve (ever) set your sights on buying a home in the current housing market in the Netherlands. Especially in today’s market, buying by inschrijven/ offer by deadline is more common than ever.
We explain what it is.
When there is a lot of interest in a property, several bids are often made by different interested parties. In that case, the seller can decide to give every candidate the opportunity to make a one-off final offer within a predetermined period. This method is also known as an Inschrijven.
Everyone an equal chance
In the case of a tender, the seller does not, therefore, enter into negotiations with one specific candidate (which means that they are not allowed to negotiate with the rest). With an inschrijven, the seller gives everyone an equal chance to bid. The seller can then choose from the bids made.
Right of award
The seller always reserves the ‘right of award’. This means they may determine whether the combination of price and terms is sufficient to sell to a particular bidder. Therefore, the seller is not obliged to sell to the highest bidder but can also opt for a lower bid with better conditions, for example. It can even be decided not to award (not to sell). But in general, the seller aims to let candidates know the same day whether the contract has been awarded and to whom.
Not always to the highest bid
If you make a bid, it must be expressed in an absolute amount, and the offer must not be related to any other offer. In other words, it is not possible to make a bid of, for example, a thousand euros above the highest bid. Your bid will then be declared invalid.
In addition to the price, a bid must also contain the proposed delivery date and any (resolutive) conditions. These are essential criteria for the seller when making the sale decision.
Is now the time to buy, or is it better to wait? How do I find out defects? These are all questions you have to deal with when you have your eye on a house. It is nice to consult with an experienced buying consultant, completely without obligation. Let one of our brokers call you back!
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Buy on registration: blind bidding.
The broker may not let interested parties bid against each other. That’s why you never hear what other bidders have bid. This keeps the process fair.
At the same time, this means that you have to bid ‘blind’, that is difficult for many interested parties. On the one hand, you do not know whether you have a chance with your bid, creating uncertainty. Of course, you don’t want to bid too little, but you also don’t want to be ten thousand euros above the second-highest bidder. On the other hand, your chances would shrink if other candidates knew your offer. Moreover, this rule prevents candidates from getting caught up in a bidding war.
When will the sale be completed?
Has the seller accepted your offer? Congratulations, you have then sidelined all other bidders, and the purchase agreement can be drawn up. Once the purchase agreement has been signed, the purchase is immediately binding for the seller. The buyer then has a statutory cooling-off period of three days. After the reflection period has passed, you as a buyer can only get out of the purchase agreement if you legally invoke a resolutive condition.
Do you want to buy or sell your home?
If there is a lot of interest in your home, selling by inschrijven may be the best choice. Our competent team of consultants are here to help you with the buying or sale process?
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Copywriter: Bridgette Ball
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