How long cooling off period after bid on house?

You have found a property that meets your needs and have done several viewings. It is then time to make an offer. You have several things to consider and at the same time you have to make sure that your offer is also close to the seller's wishes. Even though you have placed an offer, it is nice to know more about the cooling-off period. Because are you actually stuck with the sale or can you still go back? The information below explains exactly what you can think of, so you are well prepared to start buying.

The cooling off period of an offer and the rules

Before we continue with the cooling-off period after an offer on a house, it is good to know what you need to think about when you make an offer. You have done this not just like that. In the first instance you have to give the amount to the seller. It is only valid when you enter into a written agreement. You are therefore never just stuck with the offer and must also take into account a number of things. To make an offer you have to state how much you are bidding, how long the offer is valid and on what date you would like to move into the house. Also the resolutive conditions can be reported, so there is something to hold on to for both parties.

No responses and new viewings

Once you have made an offer, the waiting starts. It is good to know that the seller is not obliged to respond to an offer. As long as no responses are given, new viewings can still be scheduled by the seller. There may therefore also be negotiated with other buyers about the price. Also, another bid may be accepted by the seller. In this time you can also withdraw or change your offer. Think not only of changing the amount, but also the conditions you had set. If you had also set a date, your bid will automatically expire.

A counter-offer and the start of negotiations

Not only do you have the reflection period when you make an offer on a house, but you can also be faced with a counter-offer. From that moment on you are in negotiations. The seller does not accept the offer, but at the same time gives you the opportunity to come up with a new amount. Again, you are not obligated to anything. You can simply withdraw your offer during this time. At this time you may also bid on other houses. This allows you to spread your chances and see where you get the best deal. The seller can also schedule new viewings or ask you to make a final offer during this period.

Negotiate with the broker

If you do not make your offer through the seller but only through an estate agent, then other rules apply. First, the broker must report if negotiations are being held with several parties at once. The parties should not be played off against each other. If you feel that you are under pressure, you should get out. Also here the rules of the reflection period after an offer on a house apply. Continuously increasing your bid is not always an option, because there is no budget for this. You should keep this in mind during the negotiations.

Before signing the contract

If the seller has accepted your offer, you still have a reflection period. The offer on the house does not necessarily mean that you are stuck with it. You have also passed on the resolutive conditions. These must be met before the purchase agreement is actually signed. Think of the financing and the results of the architectural inspection. You could therefore still withdraw your offer. Also, the conditions can still be adjusted here. As long as you have not signed the written contract, the parties can still make up their minds.

Even after signing the sales contract

The cooling-off period after an offer on a house does not end here. As soon as you have signed the purchase contract, you, as a buyer, get another three days of reflection time. The period must contain at least two working days. Within this period you can also undo the purchase. No reason is required for this and you are not obliged to pay any penalty to the seller. However, do let the seller know in time. If you still want to abandon the purchase after this cooling-off period, then there is an amount in return. The seller, however, has no cooling-off period and can therefore not simply cancel.

The exceptions

After the cooling-off period after an offer on a house, you can not just get out of it. You must then accept the house or pay a fine. The fine is always 10 percent of the agreed purchase price. This amount can increase significantly if you have bought a house worth several tons. You can only get out of this penalty if the resolutive conditions are not met. If, for example, you cannot get a mortgage and this is stated in the conditions, you will have to pay a penalty.