Buying a house via Do it yourself: what do you need to know?

Important to know

When an owner chooses to sell via Dewaele's Do it yourself concept, they opt to sell themselves, and therefore without brokerage fees. This means that the owner personally contacts interested prospective buyers and gives them a personal tour of the property.

The big difference from a private sale? Although the owner sells themselves, they are not alone! They can rely on the support of a team of real estate experts who help them with professional advice, drafting and posting the publicity for their property online, following up on bids, and drafting the compromise. This way, they combine the freedom of selling themselves with the security of an experienced partner in the background!

How does the Do it yourself bidding system work?

An owner who sells themselves via Do it yourself uses one of our bidding systems. When you wish to make a bid, it is important to know the difference between the transparent bidding system and a classic sale.

Step 1: visit the property

In a dynamic sale, the seller organizes a viewing day, so all interested parties have the chance to discover the property. You can schedule a time slot via an online calendar. Making a bid is only possible from the viewing day, as the bidding system is only activated then.

In a classic sale, there are different possibilities. Either the owner has provided several visiting moments in the online calendar, so you as a prospective buyer can find a moment that suits you best! Or the owner will personally contact you to schedule a visit.

There is a good chance that multiple prospective buyers are interested in the same property. Therefore, good preparation is crucial! Talk to the bank in advance and determine after your visit what you want to bid at most.

Step 2: the rules for making a bid

Depending on the bidding system, there are adjusted 'rules'. Be sure to read them before you start bidding.

Classic sale:

• Register to be able to make a bid.
• The seller chose the asking price themselves, but as a buyer, you determine your bid.
• When bidding, you can indicate whether you are doing this under a suspensive condition for obtaining a loan.
• Bids are binding. You prepare a binding purchase promise via the buyer(s)' personal information.
• Prospective buyers do not see each other's bids and are therefore not aware of the offered amounts.
• The owner is notified of each bid. It is up to the owner to choose whether a counteroffer follows or if the bid is accepted.
• Keep in mind that as a buyer, you pay a service fee of 2,499 euros incl. VAT upon compromise. When you enter your bid, this service fee is automatically added. It is important to know that this auction fee only needs to be paid if a compromise is reached. If your bid is not accepted, you obviously do not have to pay a service fee.

Dynamic sale:

• Register in advance to be able to participate in the bidding round! Are there multiple buyers? Then you can create a buyer profile for everyone in advance. This way, you can bid smoothly once the bidding round starts.
• The indicative price is indicative, as a buyer, you determine your bid.
• When bidding, you can also indicate whether you are doing this under a suspensive condition for obtaining a loan. If a suspensive condition is not necessary, do not ask to include it in your bid, as it is quite possible that the seller prefers a bid without a suspensive condition, as this gives them more certainty!
• If you have placed a bid, you will always receive a notification when a new bid is added.
• You can bid multiple times yourself.
• Each bid must differ by €1,000.
• Bids are indicative and not binding.
• The bidding rounds always end at 1 pm, unless a bid is placed in the last 10 minutes, then the bidding round is extended by 10 minutes, and this is repeated each time a new bid is placed.
• No new bidders are allowed during the extensions, so make sure you place your bid before 1 pm.
• After the bidding period ends, the highest bidders are contacted to make their bid binding.
• Keep in mind that as a buyer, you pay an auction fee of 2,499 euros incl. VAT upon compromise. When you enter your bid, this is automatically added. It is important to know that this auction fee only needs to be paid if a compromise is reached. Making a bid in the transparent bidding system is, of course, free of charge.
• Tip: Don't show your hand! You don't have to immediately place your highest bid unless you want to make a statement to the other prospective buyers, of course.

Step 3: From bid to notarial deed

Your bid is accepted - hooray! Once an acceptance of the bid has been signed by the seller, the Do it yourself team starts drafting the compromise.

Drafting the compromise

To draft the compromise, a lot of information about the property needs to be collected from the seller. The sales documents are a great source of information. Additionally, agreements are made between the seller and the buyer regarding the date when the buyer can occupy the property, whether furniture is taken over, when the property is available, etc.

The importance of the content of a compromise cannot be underestimated, as it contains the effective agreement between seller and buyer and then forms the basis for the notarial deed. Once the compromise is drafted, it is sent to all parties and their notaries. This way, everyone has the opportunity to provide comments, which are, of course, taken into account when finalizing the compromise.

The notarial deed

When the compromise is signed, a period of up to 4 months begins to execute the notarial deed. During this period, the notary checks again whether all necessary information is available.

But what is the importance of the notarial deed exactly? Because the notary records this deed at the mortgage office, from that moment on, the outside world can know that the buyer is the new owner of the real estate, and no more discussions can arise about this.

View the general terms and conditions of Dewaele DIY here