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Guide Price

Jitterbug123
Posts: 167 Forumite
Hi,
This is really just a bit of a rant, but wondered if anyone else had come across this sort of thing.
I went to a view a property this weekend, and put an offer in 5k above the Guide price (185k). EA passed on offer, etc.
I was then informed, that although there have been no other offers on the property, the Guide Price the seller wanted actually spanned over 20k from the minimal asking price (180-200k). I was then told that the seller had automatically rejected my offer because he wanted to be nearer the 200k mark, but that if I went up to 190k they would probably accept.
Now, my feeling on this, is that, it's probably a pressure tactic. But also it annoys me that you would have a guide price and automatically reject an offer within that price.
So after telling the EA I would think about it I then emailed them and told them that I didn't think the property was worth more than my offer. And I was a little put out by automatic rejection of an offer within the guide price when no other offers had been made. But I did state that I would be continuing to look so if the seller wanted to reconsider, and I hadn't found anywhere else then I would still be interested.
Anyone else encountered this? Is it likely the EA is just being evil?
This is really just a bit of a rant, but wondered if anyone else had come across this sort of thing.
I went to a view a property this weekend, and put an offer in 5k above the Guide price (185k). EA passed on offer, etc.
I was then informed, that although there have been no other offers on the property, the Guide Price the seller wanted actually spanned over 20k from the minimal asking price (180-200k). I was then told that the seller had automatically rejected my offer because he wanted to be nearer the 200k mark, but that if I went up to 190k they would probably accept.
Now, my feeling on this, is that, it's probably a pressure tactic. But also it annoys me that you would have a guide price and automatically reject an offer within that price.
So after telling the EA I would think about it I then emailed them and told them that I didn't think the property was worth more than my offer. And I was a little put out by automatic rejection of an offer within the guide price when no other offers had been made. But I did state that I would be continuing to look so if the seller wanted to reconsider, and I hadn't found anywhere else then I would still be interested.
Anyone else encountered this? Is it likely the EA is just being evil?
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Comments
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Almost certainly the devil incarnate...0
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Sounds like standard negotiating tactics to me. That said, if the seller never intended to consider any offers around the guide price, then it should not have been listed with the guide price.
There's a good possibility that the guide price really is the absolute lowest the vendor would accept but if its only been on sale for a short amount of time, they may be willing to hold out for more.
Your offer seems reasonable and if you think thats the maximum it's worth, I'd only consider going up another £5k if you really really love the house. Otherwise I'd leave the offer on the table and tell them you will continue to look. You might find them coming back to you not long after...0 -
Jitterbug123 wrote: »Anyone else encountered this?0
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The guide price has not yet changed, and I emailed the EA yesterday evening, but haven't had anything back yet.
I reckon they'll probably keep it on a little longer and if no one offers over me, then they'll crawl back.
I could afford the extra 5k I just don't like being played.0 -
Also just looked and they paid £132k for it in 2005. Meh to them.0
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I can't see any problem. Guide prices are quite common. In a flat or falling market you might get an offer accepted at the bottom of the range, or even below it.
In a rising market you are much more likely to have to go near the top of the range or above.
No reason why the seller should accept your offer just because it's the only one. If they think they can get near the top of the guide price by waiting a week or two why wouldn't they.
If you like the house, ask the agent what they would need to take it off the market and, if you like it enough, offer that. If you wait you will lose the house - so decide if you're OK with that.0 -
Jitterbug123 wrote: »Also just looked and they paid £132k for it in 2005. Meh to them.
So what? Prices in many places have doubled in 3 years.0 -
Well, I am obviously OK with losing the property or I would have gone up.
But I don't think it's a particularly fair way to advertise if your asking price is actually higher than stated.0 -
Jitterbug123 wrote: »I reckon they'll probably keep it on a little longer and if no one offers over me, then they'll crawl back.
I could afford the extra 5k I just don't like being played.
It's a risky tactic, as many here can attest to.
Good luck, but accept the risk you may not get it at all. Would you be gutted if you missed out for the sake of 5k?0 -
No I wouldn't be gutted. If I was going to be gutted I'd have put my offer up.
I am in fact looking on it as an irritating, but interesting fail.
I don't mind though, there are other places to see, and I'd rather not deal with people who can't even try to be honest about what they want.0
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