When a house is to be sold by tender, everyone who’s interested in a property has to get their offers (tenders) in by a set date and time.
In this type of sale, you'll have the opportunity to make a conditional offer. This means you can specify conditions you need to meet before the contract is unconditional.
The seller can: pick the offer they like the most (which may not always be the highest offer); reject all the tenders; or enter negotiations with one or more of the bidders. You won’t be able to find out what everyone else offered.
The real estate agent will help you fill out the tender document. You may need to include a refundable deposit - this is paid to the real estate agent, who’ll hold the money in a trust account until any conditions have been met.
Standard terms and conditions
Kiwibank’s lending criteria, terms and conditions, and fees apply.