Finland: Siltanews – News Desk
A recent change to Finland’s real estate transaction rules is raising concerns.
According to these new rules, sellers can now accept multiple conditional offers simultaneously. This change could accelerate the housing market but also produce many uncertainties for buyers.
Until now, sellers were only allowed to accept one conditional offer at a time. These offers typically depend on the buyer selling their current home before finalizing the purchase. The new rule, part of revised guidelines for good real estate brokerage practices, removes that restriction.
Tuomas Viljamaa, CEO of the Central Federation of Real Estate Agencies, says the change aims to stimulate a slow-moving housing market.
“Banks have tightened mortgage conditions, and many buyers fear getting stuck owning two properties. Allowing multiple conditional offers is meant to accelerate sales,” Viljamaa told Finnish outlet Yle.
For sellers, the reform is a clear win. Having multiple buyers lined up increases the chances of a successful deal. It also benefits some of the buyers because it allows them to make offers on homes while still trying to sell their own.
But real estate professionals warn that the new system could create some kind of stressful competition among buyers. “It’s basically a competition. If one buyer’s condition is removed on Monday and another’s on Tuesday, the first buyer gets the property,” Viljamaa explained to the same source.
Additionally, an all-cash buyer with no conditions could step in at any time and override both offers. “These buyers who made conditional offers could end up with nothing, while the third buyer walks away with the home,” he added.