Multi-offer process A multi-offer process happens when more than one buyer makes an offer on a property. It’s important to put your best foot forward in this situation as you might not get a chance to increase your offer or to negotiate. Important things to know • Agents must clearly explain the process and any relevant paperwork to all buyers. • There must be more than one offer in writing. An agent can’t say you are in a multi-offer process if there are no other offers in writing. • In a multi-offer situation, the seller can choose the offer that works best for them. An offer with a lower price but fewer conditions may be chosen over a higher price with more conditions. The seller can also choose to decline all offers. • If you have any concerns about a multi-offer process you are part of, you can speak to the agent’s manager. Real Estate Authority Settled.govt.nz is brought to you by the Real Estate Authority (REA) – Te Mana Papawhenua (REA). REA is the independent government agency that regulates the New Zealand real estate profession. Our purpose is to promote and protect the interests of consumers buying and selling real estate and to promote public confidence in the performance of real estate agency work. If something has gone wrong, first discuss your concern with the real estate professional or their manager. All agencies must have in-house procedures for resolving complaints. If you can’t resolve the issue with the agency or you don’t feel comfortable discussing it with them, you can contact the Real Estate Authority (REA). We can help in a number of ways if your complaint is about the real estate professional. For example, we can help you and the real estate professional or agency to resolve the issue and remind them of their obligations under the Real Estate Agents Act 2008. When you contact us, we’ll work with you to help you decide the best thing to do. Call us on 0800 367 7322, email us at info@rea.govt.nz or visit us online at rea.govt.nz 6 options and limits before you take out a home loan. property inspector later too. may repeat ffer process everal times fore you are successful Understand the offer process The offer process will vary depending on the method of sale. Learn about the different methods of sale. Make a conditional offer or an unconditional offer With some methods of sale, you can make a conditional offer, such as the offer being subject to a property inspection or finance. Ask your lawyer for advice. You may decide to do some of these before making your offer. Understand the multi-offer process If another buyer also puts an offer on the property you want, it becomes a multi-offer process. Ask the agent to clearly explain the process and make sure you talk to your lawyer. Meet conditions Any contract conditions must be met by your specified date(s). S M an finance o confirm with the anks will more bout the require ou’ve urance ment. Getting help when things go wrong This guide is available in other languages. You can find a translated copy of this guide here settled.govt.nz/resources October 2022
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