What Is Guide Price In Property?

Can I offer less than the 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.

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.

Why are guide prices at property auctions?

Guides are provided as an indication of each seller’s minimum expectation which also may change at any time prior to the auction. So remember, it is not a valuation as it is only giving you an indication of what the property could potentially sell for if there was to be limited interest and competition at the auction.

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What does guide mean in real estate?

Underquoting is about misleading sales practices by agents. Underquoting occurs when an agent makes representations about the price of a property – either through advertising or in one-on-one dealings with a potential buyer – that are less than their reasonable estimate of the property’s selling price.

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!

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.

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Can a vendor accept another offer?

But, once an offer has been signed off by the seller, the property is under a legally binding contract with buyer and seller and the owner cannot accept any other offers, even if they are higher. As mentioned, once a property has had an offer formally accepted and signed for it is sold to the buyer.

Can you back out of an auction bid?

In many cases — yes. Buyers who have placed a bid can retract their bid any time before the auctioneer announces the sale has been completed. If the buyer does not complete the transaction, they may be liable for any damages to the seller if the item is resold for a lower value.

Is it better to auction or sell a house?

An auction gives property owners the best chance to sell their real estate quickly. That’s far more efficient than selling real estate by listing it with a real estate agent and waiting patiently for the best offers to come in.

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.

What is a bidding guide?

In New South Wales, agents have three options for quoting an auction price guide: Quote the exact price that they put on the agency agreement. So for instance, if they put $700,000 to $750,000 on the agreement, that’s what they’ll quote. Now I can tell you, you don’t come across many agents who do that.

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Is domain estimator accurate?

Domain is the most accurate by far according to our research. Will be interesting to see what the agent says in a couple of weeks time. All values stated with high confidence. I’d say they are reasonably accurate given all three were within $10k either way of the actual purchase price.

Do real estate agents have to give a price?

The agent is not required to disclose the estimated selling price to potential buyers, whether in advertising, in writing or verbally. If a property is advertised with a price, the advertised price cannot be less than the estimated selling price in the agency agreement.

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