Readers ask: What Does Price Guide Mean?

Can you offer less than guide price?

It is certainly possible to offer lower than the guide price. For example, if similar properties in the area take too long to be purchased, or if they are selling below the guide price, the buyer will automatically deduce that the offer can sensibly be lower than the price the vendor is selling it for.

What does a guide price actually mean?

What does a guide price mean? A guide price is usually the minimum amount a seller wants for their house. It’s how much the owner thinks their property is worth.

How much should I offer on a guide price?

As a guideline, some say it’s best to open with an offer that’s around 10 per cent lower than the asking price. That should be enough to signal genuine interest, while leaving you some wiggle room to keep your final bid as low as possible.

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Does guide price always mean auction?

A guide price is a marketing figure, which is used to guide potential buyers as to how much a property could be worth. They are not necessarily figures which a property will sell for, the sale price will be dependent on bidding in the auction room. Guide prices can either be a single figure price or a price range.

Can you offer 10 below asking price?

However, if you find out from the estate agent the sellers motivation is finding the highest offer, you may have to submit a less cheeky offer, only 5-10% below asking price, which the estate agent should advise the seller to consider, as this is actually the true value of the house.

Should you offer under asking price?

When should my offer be below the asking price? You may be able to buy the property for less than the asking price for a number of reasons. If you feel as though the property is worth less than what the seller is asking, go in lower, but be fair. Offering half isn’t likely to go down well!

How much should you offer on a house?

Figure out how much you can afford Some financial experts use a rule of thumb that says your home should cost no more than two or three times your annual household income. So if you and a partner earn a combined $150,000 a year, then you should look at homes listed at $300,000 to $450,000.

What offers over means?

When a house is listed with an offers over price or on Rightmove who use “Offers in excess of” or “OIEO“, means the seller is hoping to sell their house for more than the listed price. It’s a tactic often used to generate more interest in a property as the offers over figure is usually below its real value.

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How does making an offer on a house work?

Once the seller reviews your offer, they may accept, counter or decline it. If it’s accepted, you’ll apply for a mortgage and begin the closing process. If the seller makes a counteroffer, you can either accept it and begin the closing process or make your own counteroffer (in the form of a new offer letter).

How much should you offer over asking price?

While it is not uncommon to pay one to three percent over list price, Williamson suggests talking to your realtor and lender to come up with a number that is best for you, so you’re not putting in an offer that’s beyond your means.

Can estate agents lie about offers?

Although they shouldn’t, estate agents can and do lie about offers to make it look to you as a seller that they’re creating lots of interest in your property. An estate agent may also lie about offers so they can push you in the direction of a specific REAL offer, so they can get their hands on their commission ASAP.

Can you offer 20k less on a house?

You can offer 20k less on a house. But whether the seller accepts your cheeky offer is partly down to how big a percentage the 20k represents in relation to the asking price.

What is above auction price guide?

This is a figure at which the property can be sold and will be set within 10% of the guide price. This figure can be subject to change, but will never be more than 10% above or below the guide price.

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What is a guide price at an auction?

The guide price is generally the first price you will see as every property that is offered for sale at auction usually has an associated guide price attached to the lot. Simply put, the guide price is an indication of where the reserve price is currently set.

Do auctions start at the guide price?

Each auction property is offered at a guide price and is also subject to a reserve price. The guide price is the level where the bidding will commence. Both the guide price and the reserve price can be subject to change up to and including the day of auction.

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