Guide Price

Ang24ang_2

Houses in the area I am looking to buy in are currently having up to ten viewings in a day and selling in a couple days over asking price.
I really like a house that has just come on the market and yet again had nine viewings in one day, yesterday, which was a Sat. I know more bookings were booked today ( Sunday).
I wasn't to put in an offer tomorrow but the price of the property states 'Guide Price' so I have no idea how or what to offer!
Do I go in lower? Do I offer the actual guide price or bid over? So confused!

Ang24ang_2

Sorry I should have added I have nothing to sell so I'm ready to go, however,  the vendor is in no rush and said she doesn't want to feel pressured to move quick, she doesn't care about the reduction in Stamp duty, so having nothing to sell probably doesn't even give me an advantage! 
Not only that she is looking to relocate way up North so I have no idea how she will view properties?

The house I'm looking to buy is in Suffolk.

justworriedabit

Ang24ang_2 said:

Sorry I should have added I have nothing to sell so I'm ready to go, however,  the vendor is in no rush and said she doesn't want to feel pressured to move quick, she doesn't care about the reduction in Stamp duty, so having nothing to sell probably doesn't even give me an advantage! 
Not only that she is looking to relocate way up North so I have no idea how she will view properties?

The house I'm looking to buy is in Suffolk.

the highlighted bit, we'd run a million miles from it unless we were not serious re buying.

steve866

You are still in a good position if you can be patient. You can let them know you are chain free and in now rush, can go at the pace the vendor wants. 

dj1471

Guide price doesn’t mean anything. The agent I used to sell marks everything as a guide price, no idea why.

Offer what you think the property is worth.

eddddy

It's always worth asking the EA what kind of price they expect the property to sell for.


The EA might give a very slightly optimistic figure - but it would be foolish of them to suggest an overinflated price, as that might scare away potential buyers.

peterhjohnson

"Guide price" is sometimes suggested by the EA because the property is difficult to price. The property may be unusual for the area and nothing like it has been sold for years. On the other hand, a "Guide price" for a standard estate house where several near-identical places have sold in recent months should just have a bare price ticket reflecting those recent sales.

Ang24ang_2

Thank you everyone for your replies. We have decided to put in an offer, however, there are three other offers already in. Two at asking price and the EA said one over. They are going to go to best and final offers midday tomorrow. I have no idea how much over the other buyer has gone and have no idea how much more to bid than the original guide price! One advantage I have is I am not in a chain.

Mutton_Geoff

Ang24ang_2 said:

Thank you everyone for your replies. We have decided to put in an offer, however, there are three other offers already in. Two at asking price and the EA said one over. They are going to go to best and final offers midday tomorrow. I have no idea how much over the other buyer has gone and have no idea how much more to bid than the original guide price! One advantage I have is I am not in a chain.

Don't undervalue your rare quality of proceedability. It's not always about price alone.

Sunsaru

Ang24ang_2 said:

Thank you everyone for your replies. We have decided to put in an offer, however, there are three other offers already in. Two at asking price and the EA said one over. They are going to go to best and final offers midday tomorrow. I have no idea how much over the other buyer has gone and have no idea how much more to bid than the original guide price! One advantage I have is I am not in a chain.

Go with what you can afford and keep your fingers crossed. Don't kill your budget trying to get it.

Ang24ang_2

Thank you so much all, I have to admit I was starting to re think going over what I was prepared to offer, I need to chill and if it goes over what I offer and I lose out,  it wasn't meant to be.
Wish me luck : )