The craziness in the housing market is on the rise again and viewings are getting busier. To collect bids in a structured way, real estate agents often use a so-called bidding period, but what exactly is a bidding period and what do you need to consider? We explain it to you in this blog!
Bidding with end time
When there are many interested parties at a property, bids can get mixed up. From opening proposal to extreme proposal, keeping track soon becomes difficult. For this reason, in most cases the broker will propose an end date and time to candidates in the form of a closed bid.
What is a bid deadline?
A bidding period is the start and end time during which candidates can make a one-time extreme proposal on a property. The broker and seller collect all proposals during this period so they can move on to the award process after the end time.
Negotiation not possible
With regular bidding it is possible to enter into negotiations with the seller through the broker, with a bidding deadline it is different. Because the real estate agent asks everyone for an extreme proposal due to crowding at a bidding deadline, 1-on-1 negotiations are not possible in this case.
