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New real estate rule puts Finnish homebuyers at risk

A quiet but significant change has been made to real estate transaction rules in Finland, allowing property sellers to accept multiple conditional offers at the same time. The reform, which removes a previous restriction limiting sellers to one conditional offer at a time, is expected to speed up the housing market but also introduces new risks for buyers.

The change was made to the guidelines for good real estate brokerage practices, followed by agents across Finland.

Conditional offers are common in real estate transactions, often requiring the buyer to sell their existing home before finalising the purchase.

According to Tuomas Viljamaa, CEO of the Central Federation of Real Estate Agencies, the restriction was removed to help a sluggish housing market.

“Banks have tightened mortgage conditions, and many buyers fear getting stuck owning two properties. Allowing multiple conditional offers is meant to speed up sales,” Viljamaa told Yle.

The change benefits sellers by increasing their chances of finding a buyer quickly. It also helps potential buyers who are eager to secure a home while still trying to sell their own. However, real estate agents warn that it could lead to unpredictable situations for buyers.

With multiple conditional offers in play, buyers may enter a race to sell their home first. If one buyer finalises their sale before another, they secure the property—potentially leaving the second buyer without a home despite making an accepted offer.

“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.

A third buyer, who is ready to pay immediately without conditions, could also override both conditional offers.

“These buyers who made conditional offers could end up with nothing, while the third buyer walks away with the home,” he added.

Some experienced real estate agents have voiced concerns about the fairness of the new system and its potential downsides.

Samuel Riippa, CEO of real estate agency Muutos LKV, said the reform could create confusion and disputes between buyers and agents.

“I don’t see anything but difficulties with this change,” Riippa stated.

One major concern is that buyers may spend significant amounts of money preparing their home for sale—only to realise that they won’t get the property they wanted. This includes real estate agency fees, listing costs, and even home inspections.

A recent case highlighted the risks. A buyer paid half the cost of a property inspection before securing the home, only to lose it to another bidder.

“I would be careful as an agent before accepting too many offers. Buyers might feel misled and betrayed,” said Raili Lilja, a real estate agent at SP-Koti.

Real estate professionals say the rule change is unlikely to cause major disruptions in the short term. Competitive bidding remains rare in Finland’s current economic climate.

However, demand for family homes remains high, and those properties could see more multiple-offer scenarios, according to Viljamaa.

“In the current market, competing offers are less common than sellers might hope. But for desirable family homes, multiple bids could become more frequent,” he said.

HT



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