How binding is an offer? How to determine a realistic offer?
How to make an offer?
You have finally found your dream home. After the viewing you could not sleep with enthusiasm and now it is time for the next step; to make an offer and join the race for this property. You don’t count yourself rich yet, because you know there are more privateers on the coast. And so you want your offer to meet all ‘requirements’ in order to increase your chances. Don’t have a buyer agent? Then you will have to do it yourself. But we still want to give you some tips!
How the offer should be made depends on the instruction of the selling agents. Some agents work with MOVE.nl and want you to also submit a bid via MOVE. Others opt for bidding via e-mail, a paper form or a separate platform such as Fair Bidding (Eerlijk Bieden).
What exactly do you include in your offer?
A complete offer contains at least the following information:
- Purchase price: xxx.xxx euro buyer’s costs
- Financing up to an amount of xxx.xxx euro during X weeks after signing the purchase agreement
- Subject of structural inspection with costs of immediately necessary repairs to no more than x.xxx euro includint VAT
- Desired delivery date xx-xx-xxxx or delivery in accordance with the seller’s wishes
- Delivery in accordance with the list of items or purchase price, including items offered for takeover
Ideally, you should also provide some information that can help the selling broker estimate your chance of success. So, whether you have already seen a mortgage advisor, whether you have already had the appraisal value estimated, how long you have been looking for a home for sale and maybe even a short introduction of yourself to show the seller who you are.
How binding is an offer on a house?
If you are a private home buyer, an offer is not binding. The written principle is laid down in the law. This means that there is only a legally valid and therefore binding purchase when the agreed conditions have been laid down in a purchase agreement signed by both parties. You as a buyer still have your reflection period within 3 days after signing and if you have a financing reservation, this can still be grounds for dissolution at a later stage.
A seller is not bound by the accepted offer until the moment that it is signed. As long as the purchase agreement has not yet been signed, the seller is in principle free to accept another (better) offer.
What is a realistic offer on a property?
That is a difficult question, especially in today’s seller’s market. What someone else, or you, would be willing to pay for the house offered is not always realistic (and sometimes not necessary). To do this, call in the help of a professional who knows the market and who considers all facts when making an offer.
How do you determine a good offer?
We wrote an extensive article about this a while back, with two updates to keep it up with the market. If you want to make a good offer, it must do justice to the value of the house, the market at the time and be provided with the right conditions (see above). There is no golden rule for it; every house is different. If you can’t figure it out… Would you like to meet one of our purchase agents? Leave your details below! An initial consultation is free and without obligation.
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Or call us when convenient for you: 010-4535920!