What does 'Guide Price' usually signify?

Daniel_B

Chaps,

saw a house at what seemed t be a good price on rightmove, and then noticed on the EA's website, every other house stated 'Price' where as this one stated 'Guide Price' what are the ramifications...?!

Does this mean the price stated is the minimum they will take, or is it more likely to mean they are hoping to get X percentage more than the Guide price?

Thanks

Dan

epz_2

ive only been to auction once (1) but the guides were pertty close to the reserves, that said only a few went way over the guides, most were within 10% somtimes bang on.

(1) hated it, 100s of people biding on properties they couldnt inspect properly and paying close to market rates for them !!!!!!.

Daniel_B

Thanks epz,

this isn't an upfront auction though, as it is just advertised on rightmove and on the EA's website as a bog standard sale.

Anyone else??

Cheers

Dan

Doozergirl

Erm, it's exactly what it says on the tin, a guide price

Some agents do put 'guide price' as a matter of course. Most prices have some flexibility ib them and if you want to offer over their guide, well, I guess that would be okay with them too, lol!

Does the house need work doing? If it does and it seems to be a 'good' price then they've probably set a low guide in order to attract interest.

If you want to go along and have a look at it, you'll probably draw some conclusions. If there are people still living there and they show you round individually, then 'guide price' perhaps doesn't mean very much. If they're block viewing, you can expect the price to go over.

kingkano

yourmove in my area seem to do this alot, about 60% of their listings say 'guide price'. I hadnt quite figured out why, but I think they are just strange as they arent auctions.

MJMum

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Daniel_B

Thanks all for the info, that explains it, was just wondering if it was a dead cert that they were looking for more than the guide price or a bidding war, which they may still be of course!

MJ's experience above suggests otherwise however.

Thanks

Dan