Price brackets popping up everywhere

lilaliboo1

I have been helping a friend in her hunt for a new house (South East of England).

All of a sudden fairly wide 'price brackets' are popping up. Estate agents show us a house (knowing her budget is £150,000, then say that the price actually being asked is £150,000 - 165,000. This entire bracket is printed on the property details. I'm seeing more like this every day.

Yes it's a reality that something is worth whatever someone will pay for it. However it's frustrating that a buyer (and seller) are not given a better indication of the property's value.

If my friend offered up to £150,000 presumably the buyer would hold out for a higher offer, believing the house could perhaps achieve more. If there was competition and she offered £165,000 but then the surveyor valued it at less, the sale would not proceed.

I think this has arisen through owners deciding to sell just before the slowdown, being told to expect £165,000. However the estate agents quickly realise that can't be achieved now.

How will buyers know what to offer? How will sellers know what to sell for? It seems an unrealistic practice to me. Has anyone else encountered this?

(I personally would guess this particular one is worth up to £155,000 so that's what I'll suggest to my friend.)

deemy2004

I would refrain from telling the budget

Put your offer in and then wait a few days to see if its been accpeted or rejected. If they have not decided by then give them a time limit, say your going to withdraw the offer unless they seller makes their mind up.

Or tell them that you have several offers pending, so they need to tell you asap yes or no!

John_M_Business

Yes. Always tell them that your offer is valid for a certain amount of time (a week should be plenty) AND tell them that you're continuing to look.

There is no way that you will benefit by having a long-term offer 'on the table'.

You can always say to the Estate Agent:
"I've withdrawn the fair offer I made on the property and am going to pursue other routes... but you know my phone number if the vendor changes his/her mind"