Property with a 'Guide Price'

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Hi all,

We are interested in a property which is being marketed with a 'Guide Price' of £350k. It is quite a unique property and is need of alot of refurbishment.

We have done some research and it has been on the market for 7 months.

We are thinking about an offer of 10% under the guide price, so £315k. Does this sound a reasonable starting point?

Cheers

54druids

As a seller I would be a bit offended at that. I don't think being on the market for 7 months neccesarily allows you to offer less. Their EA may be rubbish. I would start at 330k but i would get some other opinions first.

keith969

I would certainly try it, you have nothing to lose.

pie81

keith969 wrote: »

I would certainly try it, you have nothing to lose.

I agree. Don't worry about offending the seller - if they don't like your offer they don't have to accept it. don't forget you can always increase your offer, it's much harder to decrease it credibly.

If their property is unusual, needs work and has been on the market for 7 months, that all suggests that they are having real trouble selling it and/or that estate agents don't really know what it's worth because it's unusual. I'd be tempted to offer well below the guide price - maybe £285k...?

kissjenn

Do you have a history of previous prices or has it been at £350k throughout the 7 months?

Guinness-Cat

I normally find that if they mention guide price, they normally put quite a low price there to try and get as much interest as possible - Very similar to auction guide prices.

They then play the offeres off against each other and the property goes for more that the initial price. This appears to happen more when the property is not privitaly owned, but being sold by the highways agency \ water board eg:

<edit> can't post links - there is currently a british waterways one on rightmove in tring</edit>

This may not be the case in this instance, if it has been on the market for this long.

Pigmy

I would go in as low as you like. Don't worry about offending the seller. Especially if its been on the market for 7 months - I would definitely tkae 10-20% off the price for that.

asharon

Besides you can always raise your offer but you can't come down, well you can but that does offend either the buyer or EA. lol

fraser

A property in scotland with a guide price usually means you have to offer around 25% MORE to achieve a sale

this terminology can mean a few things so I would ask what they mean by 'guide price'