Offers in region of, guide price, etc - what does it mean ????

harrup

There was a nifty little post once explaining the various EA terms when houses are for sale. Unfortunatly I lost it.

Thus, could someone please tell me just what the seller or EA is looking for when asking for :

a) a guide price of £ XXXX. Does that mean definitely nothing below, a minimum percentage above or what?

b) offers in the region of £ XXXX? What's the ( sucessful) norm here?

c) informal tender of £ XXXX. Do you always offer more than the guide price and never less if you want to have any chance at getting the property?

Truth be known, my favourite sale kind are the ones which read
" £XXXX, no offers" .At least with those I know where I stand.

Thanks

googler

For a sample of the sales recorded in June in my county, the average selling price for;

'Fixed Price' and 'Offers in the region of' houses was almost 4% below asking price, and for those on

'Offers Over' pricing, the average selling price was around 2% below asking.

Can't comment on Informal Tender as it doesn't exist here (Scotland)

Guide Price and Offers in the Region of mean exactly the same as far as I can see. Ideally the owner WANTS that figure - if it turns out there's competing interest, buyers can outbid each other and the price could go above the asking, but realistically, the asking price is the max figure and buyers are likely to bid slightly below it.

Offers Over was the traditional route in Scotland, allowing sellers to maximise their profit when buyers were bidding against each other, but with a surveyor's valuation in the Home Report, required for each sale, unless you have a particularly unique or desirable property, the HR figure is likely to be a ceiling figure, and Offers Over pricing is become less and less frequent.

Gwhiz

They all mean the same - offer what YOU think he property is worth.

Doctor_Gloom

harrup wrote: »

There was a nifty little post once explaining the various EA terms when houses are for sale. Unfortunatly I lost it.

Thus, could someone please tell me just what the seller or EA is looking for when asking for :

a) a guide price of £ XXXX. Does that mean definitely nothing below, a minimum percentage above or what?

b) offers in the region of £ XXXX? What's the ( sucessful) norm here?

c) informal tender of £ XXXX. Do you always offer more than the guide price and never less if you want to have any chance at getting the property?

Truth be known, my favourite sale kind are the ones which read
" £XXXX, no offers" .At least with those I know where I stand.

Thanks

Meaningless terms. Offer what you want, don't be influenced by vendor or estate agent bull.

And not forgetting:

Offers Above/Over.. shorthand for idiot deluded vendor. Save yourself alot of time and money and move onto the next property.