You have viewed your dream house, flat or building plot and you are excited. This is the place where you can see yourself living, building or renovating, and you want to make an offer. The process can be quite nerve-racking: how do you decide what a good offer is? And which strategies help you bid successfully?
Bidding at the asking price: you offer exactly what the seller is asking. This is a safe strategy when the property is keenly priced and there is little competition.
Bidding below the asking price: do you notice that the market is less competitive? Then you can offer less than the asking price. This opens the door to negotiations that may lead to a better deal. Bear in mind that sellers are not obliged to accept a lower offer.
Bidding above the asking price: in popular areas with a lot of competition, a higher offer may be necessary to secure the property. This strategy is mainly used in cities and their surrounding municipalities, but it can also be needed for hidden gems in rural areas. Even so, it is wise not to overbid blindly: a good understanding of the market value stops you from overstretching yourself financially.
In Belgium, an offer becomes legally binding as soon as the seller accepts it. This means you cannot simply withdraw, unless suspensive conditions have been included.
With or without suspensive conditions?
Suspensive conditions (opschortende voorwaarden) protect you as a buyer when you submit an offer. They reduce the risk of the purchase because you buy subject to conditions agreed in advance. This means the provisions of the purchase agreement must first be met before the sale becomes final.
The most common suspensive condition is obtaining a mortgage within a set period. If your loan is not approved, the buyer can withdraw from the purchase without a penalty.
Other conditions, such as a structural survey, the sale of your own home or obtaining a permit, can also be included in the offer.
Which strategy and conditions work best for you depends on your situation. We are happy to guide you through the bidding process, so that you can find your dream home with confidence!
