Are you planning to buy a house and want more insight into the bidding process? A bidding log can help. Below, we explain what a bidding log is, what you can find in it, when you can access it, and how it works.
What Is a Bidding Log?
A bidding log is a record of all bids made on a house. It provides potential buyers with transparency and fairness in the purchasing process. The bidders are always kept anonymous in the bidding log, so you won’t see who placed the bids on the property.
What Can You Find in a Bidding Log?
A bidding log contains various details that are helpful to know before you make an offer:
Start date and sales method: You can see when the property was listed for sale and which sales method was used, such as negotiation, registration, voluntary auction, transparent bidding, or foreclosure.
Number and amount of bids: You can view how many bids have been placed and the amounts of these bids, which can help you formulate a competitive offer.
Dates and times of bids: The bidding log shows when bids were received and the time intervals between different bids.
Contingencies and personal notes: You can see the contingencies other bidders have included, such as a building inspection or financing condition. Personal notes accompanying bids are not shown for privacy reasons.
When Can You Access the Bidding Log?
As a potential buyer, you can access the bidding log after the reflection period has ended and/or when contingencies apply. The seller has access to the bids during the sales process. Since January 1, 2023, it has been mandatory for major real estate associations (NVM, VBO, and VastgoedPro) to maintain bidding logs.
How Does a Bidding Log Work?
A bidding log is usually maintained automatically by software. When you submit a bid through a digital bidding form, it is immediately recorded in the system. Sellers have continuous access to the bidding log and can see the latest bids. This ensures that the process is transparent and that no bids are withheld.
Would you like to learn more about the bidding log or have questions about the purchasing process? At KIJCK. Makelaars, we are ready to assist you and answer all your questions.