What does a guide price actually mean?

In short, the guide price refers to the approximate amount the owner hopes to achieve. Sometimes, especially with higher-value houses, sale particulars might also use terms such as offers in the region of (OIRO) or offers in excess of (OIEO) when suggesting a price level or range.

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.

Can you offer under the asking price in Scotland?

In Scotland, properties for sale are generally marketed at ‘offers over’ or a fixed price. Sometimes you may be able to make an offer below the asking price – for example, if the property has been on the market for a long time with little or no interest.

What does guide price mean 2021?

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.

Should you offer below asking price?

Your offer should be no more than 25% below market value, anything less can’t even be excused by being cheeky! Sellers tend to accept offers 5-10% below market value, so you can maybe test the waters and offer 15% below market value initially.

Can you offer 10 below asking price?

Around 5% to 10% below the asking price is a good place to begin. Make your offer in writing as there’s less chance for confusion and only offer more than the asking price if you know that someone else has already offered that much.

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!

What does under offer mean in Scotland?

A property is labelled Under Offer when a solicitor has made an offer on behalf of their client and if suitable, the seller’s solicitor accepts it in writing. STCM is a term used in Scotland and means that once offers are made and accepted the house is Sold Subject to Conclusion of Missives. 5. Closing date.

Should I offer over the asking price?

But when should you offer over the asking price on a house? You should only offer over the asking price if you’ve done your research and consider the house to be worth the offer over and you can afford to buy it at that price. You shouldn’t offer over asking price if there are no other offers already on the table.

What does it mean to have a guide price?

Sometimes, especially with higher-value houses, sale particulars might also use terms such as offers in the region of (OIRO) or offers in excess of (OIEO) when suggesting a price level or range. Some estate agents see guide prices as a way to encourage potential purchasers to come and view the property.

Can a guide price be used to sell a house?

Yes, that’s what Guide Price is supposed to mean but in reality auctioneers abuse it and will use a figure much lower than what the property is most likely to sell for. Why? Bums on seats!

What do you need to know about buying property in Scotland?

This brief guide doesn’t cover every possible aspect or scenario but offers a general overview of the process when purchasing a residential property in Scotland. Many properties in Scotland are marketed at an ‘offers over’ price. This generally means that the seller is hoping to secure a sale price above the amount quoted.

What does love your postcode guide price mean?

Contact Love Your Postcode and let us know. One of the most agonizing decisions when selling your home is what price to put it on for, but thanks to our country-wide local property experts, we make it easy. Each auction property is offered at a guide price. The property is also subject to a reserve price.