You view a property and you read in the sales brochure that the Amsterdam bidding system is used. What is this and how does it work?
We explain it with an example.
You make an appointment, a viewing and it immediately appears that you are enthusiastic about the property. You ask the broker about the bidding procedure and he tells you that the Amsterdam bidding system is being used. He also says that he is already negotiating with 1 party. You want the home, so what can and can you do? What you can do now is to make a one-off final proposal. This can usually be done by e-mail to the selling broker. You must in any case include this:
- purchase price including buyer costs
- any financing reservations
- possible reservation of structural inspection
- desired delivery date
If your proposal is better than that of the 1st party he is negotiating with, he will inform that 1st party about this higher bid. The 1st party is now given the opportunity to submit a final proposal. If that is lower than your proposal, you win the negotiation and you buy the property.