5 questions on the new bid log

Starting this year it is mandatory for NVM registered real estate agents to keep track of bids and the transaction prices on properties for sale in a digital bid log. This regulation should make the buying process transparent for all parties, including other bidders besides the eventual buyer. What will change and what does it mean for you? In this blog, we list the most important information for sellers and buyers. 

What is a bid log and what is it for?

The bid log is intended to ensure that the process of buying a property is transparent for consumers. The logbook lists all bids with time of receipt and any accompanying conditions for sale. With this new method, the NVM wants to provide insight into the conclusion of an agreement between seller and buyer. After all, a seller does not always have to opt for the highest bid, but can also, for example, choose a transfer date that is more convenient for them. This will make it easier for house hunters to understand why the seller has chosen the eventual buyer and they may be able to adjust their bidding strategy for a subsequent property. Moreover, the log provides all parties with assurance that the seller has seen all bids. 

How does the bid log work?

All bids in the logbook are automatically collected in an independent system. The moment a bid is submitted, the data is anonymised and candidates are given a unique user ID. If you, as an interested party, wish to submit a bid for a property, we invite you to make this known to our seller via the system. Of course, it remains possible to submit a bid directly to us. We process each bid in the system on behalf of the bidders. This communication is then also visible to the seller. All bids are entered directly by interested parties and processed automatically. No one (including us as estate agents) has any influence on this. This ensures that transparency is actually 100% guaranteed. 

Who is allowed to see it and what about privacy?

Privacy is, logically, also very important in this log. When selling, at the time of entry, this log is only visible to us, the seller and the prospective buyer who has made an offer on the property. All personal data and traceable details of those involved will be anonymised. These include, for example, the names, details and content of any personal messages. The bid log becomes available to all participants only after the expiry of the resolutive conditions.

Does this apply to all market transactions?

The bid log is mandatory in the sale of existing houses and flats, and only when the prospective buyer and seller are private individuals. The logbook is not used when selling new construction, recreational homes, commercial properties, lots and (agricultural) commercial properties without residential use. The bid log is also compulsory for homes sold by silent auction. Every bid, even if the property is not sold by so-called registration, must be registered in the bid log. 

What are the advantages for sellers and buyers?

Minister de Jonge of Housing and Spatial Planning, together with the Dutch Association of Estate Agents NVM, Vastgoedpro and VBO, has drawn up a plan to make the buying process in the property market more transparent and insightful. For instance, bidders whose bids were not accepted will be able to see how high other bids were. This way, they can possibly adjust their bidding strategy in a subsequent negotiation. For sellers, the bid log provides assurance that all interest in the property has been made known by the selling agent. For both parties, through Move.nl, the bidding system, there is always an independent source of information available. If a disagreement does arise, the bid log can provide conclusive information. 

Would you like more information about the bid log? We at von Poll Real Estate are always open to your questions. We are happy to help you with any questions about the purchase of your property and always ensure that you, the seller, are informed in advance.