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bendy

Offers In The Region Of...

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Why do vendors persist with this blatant BS or are there people out there who are so generous/dumb that they have had an asking price offer and then decided to reduce what they ask!

Or as I suspect, in the region of is probably 30% odd from asking!

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:blink:

Why do vendors persist with this blatant BS or are there people out there who are so generous/dumb that they have had an asking price offer and then decided to reduce what they ask!

Or as I suspect, in the region of is probably 30% odd from asking!

This appraoch might be better:

http://www.rightmove.co.uk/property-for-sale/property-50285881.html

"*** DRAMATICALLY REDUCED FOR A QUICK SALE***"

Sadly at approx 14% that reduction is hardly even not worthy at the mo.

£695,000 Offers Over £599,950

I can't actually be bothered looking how much it's been DRAMATICALLY INCREASED since the last sale.

Edited by TheCountOfNowhere

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I recently booked a viewing on a place "Offers in the region of £X". Seemed a bargain at the listed price.

Assumed seller didn't know what it was worth (bit quirky and rundown), and they would wait for a few offers to decide which to go for.

Agent tells me they'd had lots of interest and it was likely to go for more than price listed (reaffirming my assumption above). Explained I was a cash buyer but couldn't go a lot over the listed price, as I had a fixed budget and it needed a lot of work doing, but was still interested so booked a viewing.

Morning of day before I'm due to view, check rightmove listing to have another look, and notice "sold".

Call estate agent in late afternoon to find out what's happened, as they hadn't called me yet, and I'm told seller has accepted offer at listed price (annoyingly a bit less than my budget). Another one slips through my fingers.

So in some cases, it seems the seller is expecting lower offers and will take the first one that comes along at the price listed, rather than kite flying for a higher offer (which is what I previously always assumed was happening when I saw that term).

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I recently booked a viewing on a place "Offers in the region of £X". Seemed a bargain at the listed price.

Assumed seller didn't know what it was worth (bit quirky and rundown), and they would wait for a few offers to decide which to go for.

Agent tells me they'd had lots of interest and it was likely to go for more than price listed (reaffirming my assumption above). Explained I was a cash buyer but couldn't go a lot over the listed price, as I had a fixed budget and it needed a lot of work doing, but was still interested so booked a viewing.

Morning of day before I'm due to view, check rightmove listing to have another look, and notice "sold".

Call estate agent in late afternoon to find out what's happened, as they hadn't called me yet, and I'm told seller has accepted offer at listed price (annoyingly a bit less than my budget). Another one slips through my fingers.

So in some cases, it seems the seller is expecting lower offers and will take the first one that comes along at the price listed, rather than kite flying for a higher offer (which is what I previously always assumed was happening when I saw that term).

So you gave clear indication you would pay above the list price and the estate agent gives you a facial as in "we sold it at the list price"???

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So you gave clear indication you would pay above the list price and the estate agent gives you a facial as in "we sold it at the list price"???

I think so. Though if someone gets in before me with a firm offer, and the seller decides to take it, I doubt there's much they can do, so I don't think I can really blame the estate agent for that.

Maybe they'd already had a few offers below that price, and the first one to come along at it, the seller snapped up.

I'm assuming the seller knew about me, as I'd booked a viewing (I was offered one next morning, but was too short notice for work, and the next they could offer was couple of days after the weekend by which point it had been sold).

By the sounds of things, I wasn't alone as when I rang to find out what was happening, I was told that they had a few others to ring to cancel viewings too.

When I called to arrange a viewing, and they told me they had a lot of interest and were expecting it to go above the listed price I said something along the lines of "I'm a cash buyer but have a fixed budget, and it looks like it needs a lot of work doing to it, so I wouldn't be able go a great deal over the asking price if there was a bidding war, but I'm interested so would like to take a look anyway".

I can't remember the exact words I used but that was the gist of it. Perhaps I should have been clearer, but I didn't want to give away exactly what I was able to pay until I'd had a chance to view the place, and know who/what I was up against. I thought this was clear enough that I had at least the asking price with a bit in reserve though (without disclosing exactly how much).

I only mention it really because in this case at least, they really did mean "offers in the region of", and weren't just using it as a marketing gimick to fish for higher offers (even though I always assumed that was the case, and it sounded like that to begin with).

Edited by RandomFactor

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I recently booked a viewing on a place "Offers in the region of £X". Seemed a bargain at the listed price.

Assumed seller didn't know what it was worth (bit quirky and rundown), and they would wait for a few offers to decide which to go for.

Agent tells me they'd had lots of interest and it was likely to go for more than price listed (reaffirming my assumption above). Explained I was a cash buyer but couldn't go a lot over the listed price, as I had a fixed budget and it needed a lot of work doing, but was still interested so booked a viewing.

Morning of day before I'm due to view, check rightmove listing to have another look, and notice "sold".

Call estate agent in late afternoon to find out what's happened, as they hadn't called me yet, and I'm told seller has accepted offer at listed price (annoyingly a bit less than my budget). Another one slips through my fingers.

So in some cases, it seems the seller is expecting lower offers and will take the first one that comes along at the price listed, rather than kite flying for a higher offer (which is what I previously always assumed was happening when I saw that term).

If I had a 'house market reform bill' (aside from making a survey the responsibility of the seller...seems odd more than one survey might get done on the same house if one buyer pulls out) I'd ensure all offers are, like the repo ones, 'XXX has been recieved on' publicly available in the local rag. Seller and Buyer both know where they stand. If someone wants to offer more, they can.

Take this place...advertised at £215k, sold for £145k. Id have gone in a couple of K higher had I known. Another one nearby was actually OIEO £165k and ended up going for £120k. You have to wonder if the Estate agents are sometimes being crooked, taking advantage of old folk, given the decor in that house. When my gran moved into an old folks home, three EA's suggested the house be put on the market at £200k-£220k, another at £140k...

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=30472454&sale=45122948&country=england

http://www.zoopla.co.uk/property/27-centre-drive/newmarket/cb8-8an/3947605

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If I had a 'house market reform bill' (aside from making a survey the responsibility of the seller...seems odd more than one survey might get done on the same house if one buyer pulls out)

I seem to remember that surveys were part of the plan for those HIPS reports to begin with. At a time when they were getting a lot of criticism, I though they were a good idea for that reason alone.

Then if my memory is right, they dropped the survey requirement from it, and it turned out to be a largely pointless waste of money afterall.

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My favourite is a guide price range e.g. 250-260K.

What's the logic behind that? They want 255K and are worried that asking for 255 would get bids of 250?

To annoy me when i go on rightmove.

Hey that house looks ok at 350 about 50k overpriced but lets see maybe they will take an offer....

offers in the region 350-400

oh well ******** to that.

That and listing properties which have already sold are my main rightmove annoyances. The latter being very common with the derth of inventory for sale.

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To annoy me when i go on rightmove.

Hey that house looks ok at 350 about 50k overpriced but lets see maybe they will take an offer....

offers in the region 350-400

oh well ******** to that.

That and listing properties which have already sold are my main rightmove annoyances. The latter being very common with the derth of inventory for sale.

If you really want it, offer what you think it's worth - I just don't get the point of the upper limit - would 401K be rejected? Do the sellers think buyers are embarrassed to pay the minimum figure and so will offer something in the middle?

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If I had a 'house market reform bill' (aside from making a survey the responsibility of the seller...seems odd more than one survey might get done on the same house if one buyer pulls out) I'd ensure all offers are, like the repo ones, 'XXX has been recieved on' publicly available in the local rag. Seller and Buyer both know where they stand. If someone wants to offer more, they can.

Take this place...advertised at £215k, sold for £145k. Id have gone in a couple of K higher had I known. Another one nearby was actually OIEO £165k and ended up going for £120k. You have to wonder if the Estate agents are sometimes being crooked, taking advantage of old folk, given the decor in that house. When my gran moved into an old folks home, three EA's suggested the house be put on the market at £200k-£220k, another at £140k...

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=30472454&sale=45122948&country=england

http://www.zoopla.co.uk/property/27-centre-drive/newmarket/cb8-8an/3947605

You really want to get into a bidding war? Seems like requiring all offers to be listed would just encourage shill bidding...

I'd like to see the floor area and price per metre-squared as a legal requirement on every listing - that seems to me to be the best way of comparing prices and finding the bargains...

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