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Can we make an offer on our next property, subject to the sale of our first?

Yes, you can make conditional offers on property, by including conditional purchase conditions into your New Zealand Property Sales and Purchase Agreement. These terms are reasonably common in New Zealand, although there are some downsides:
  • If your sale falls through, or takes longer than expected to settle, you may have to watch your dream home go to someone else.
  • If you’ve put in a conditional purchase offer, this may place pressure on you to sell faster, and for less money, than you might have otherwise sold for.
  • Some sellers, particularly in competitive markets, may be less willing to accept conditional offers. A lower offer from a competing buyer without any conditions may be more appealing because it offers a quicker sale and greater likelihood of the sale completing for the vendor.
  • If you haven’t sold your current property yet, you won’t have as much certainty about how much you can afford.  This can lead to you overextending financially, and it also limits your opportunities to bid successfully at auctions.
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