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Original poster

What does 'guide price' mean and is our offer fair?

25 replies

Whatthehell2019 · 23/05/2019 13:48

Looking in a particular area and similar houses are up for £375k.

We are keen on a house that instead of saying £375k, it says Guide price £375k-£400k. Now, no way in the world would they get £400k, all similar houses are at £375k.

We have sold by the way (to a first time buyer)

We offered £372k and they said no, but they'll take £375k.
So basically, full asking price!!!!!!

We've just said, thanks but no , our offer still stands but we are not paying full asking orice.

They've been on the market for about 6 weeks. We are their first offer .

Do they really think they'd get £400k?

OP posts:

whatsthecomingoverthehill · 23/05/2019 14:24

I don't get oiro either. But that's a bit by the by. In most house buying (in England anyway) it is kind of assumed that the first offer will be lower than you can afford. I do think in the current climate that it seems a bit crazy for them not to accept though. But at the same time, if it's the right house for you, then quibbling over 3k seems a bit silly. Depends how invested you are in this particular house.

Gizlotsmum · 23/05/2019 14:27

I assume 375 is their minimum so you can pay it or walk away. 6 weeks isn't that long and they may be happy to wait

shoofly · 23/05/2019 14:27

I assume that the absolute minimum they'll settle for is the 375 but they'd hope for closer to 400. If it's been on the market for ever with no offers 372 is reasonable. If it's recently on, they'll be waiting to see what else is offered

Pipandmum · 23/05/2019 14:29

I don’t understand guide prices like that either. I mean who’s going to say ‘oh I’ll give them the higher amount’? Same with ‘offers over’ (other than Scotland). I’ve never ‘offered over’ Unless a very competitive market. I think you should have offered less to have more room to negotiate but stuck to your guns bet they come back to you in a week or two.

bibbitybobbityyhat · 23/05/2019 14:30

Guide prices are so stupid. Who in their right mind is going to offer £400,000 when they know the vendor will accept £375,000.

Why not offer the extra £3,000 and have the house op? If you want it surely it's got to be worth a measly £3k to you.

JoJoSM2 · 23/05/2019 14:52

I don't think it matters if they say 'guide price', 'OIRO' or whatever. A house is only worth what someone will pay. If you think the house is worth max 372k and don't want to pay a penny more, then walk away. It sound like there are many houses similar houses on the market for 375k so you should be able to get another one easily enough.

And by the way, we've paid over the asking price twice before - we felt both houses were the best for the money and not everyone starts off with an elevated asking price.

Original poster

Whatthehell2019 · 23/05/2019 15:05

Just been called back and told that they will now accept £372k and that they were just trying to see if we'd go higher! It's really annoyed me to be honest. Feel like telling them to stick it

OP posts:

Blobby10 · 23/05/2019 15:07

@Whatthehell2019 welcome to house buying! It's nuts!!

Original poster

Whatthehell2019 · 23/05/2019 15:10

@Blobby10 I literally can't cope with it

OP posts:

whatsthecomingoverthehill · 23/05/2019 15:15

I wouldn't be annoyed by it. Haggling is to be expected when buying a house, and they don't seem to have been unreasonable. It was a case of who blinks first and they did, so well done on being firm.

StormTreader · 23/05/2019 15:15

"they were just trying to see if we'd go higher"

"Since you refused our offer we've been looking at other places, we could offer you 370 though" :p

BubblesBuddy · 23/05/2019 15:47

For heavens sake! It is these silly games that make everything so difficult. Of course they wanted a bit more. They said £375,000. However, you have got it for a bit less. Well done. You have saved your solicitor fees and a bit more. Even survey fees. If you play silly buggers then you may well lose out or have a bad relationship with the vendors because they will see you as annoying. If it is the house you want, pay the money! Someone might snap it up with cash tomorrow.

Original poster

Whatthehell2019 · 23/05/2019 16:10

@BubblesBuddy I hate the silly games which is why I was surprised they turned down our offer and then came back about 2 hours later having changed their mind. They have played a game, not us!!

OP posts:

BubblesBuddy · 23/05/2019 17:52

I did not mean you. I meant the advice to go back and say £370,000.

Sometimes people do reflect on what they say in the first place. Often a "bird in the nest" approach is what they decide to do and 2 hours is not long to change their position. Some people take days and then play you along with other mystery buyers who are offering more! They had said £375,000 minimum so I really would not take offence at 2 hours to accept your offer and no lies about phantom buyers. They changed their minds. Great for you.

PenguinsRabbits · 23/05/2019 18:44

When I sold my flat I wasn't even told by EA of first offers, they just turned all first offers automatically.

AdobeWanKenobi · 23/05/2019 18:48

they turned down our offer and then came back about 2 hours later having changed their mind

In our house that would be 2 hours of me badgering a stubborn Dh to accept the bird in the hand.
If it had been weeks then I would be annoyed but 2 hours is a good debate. Don't take it to personally.

sunshinesupermum · 23/05/2019 18:52

Agree with Adobe it's more than likely a husband and wife arguing over the £3K difference!

bluerememberedhills · 23/05/2019 19:22

@PenguinRabbits - but are not EAs obliged to inform you of all offers ?

PenguinsRabbits · 23/05/2019 19:29

They are supposed to, they did inform me of all of them but only after they declined them.

PoohBearsHole · 23/05/2019 19:34

Perhaps they did turn it down (EA) and vendor said they wanted to take the offer!

You’ve got a house for the price you want to pay. Well done!

Mamacute · 23/05/2019 19:35

I have mine on the market for 235. After a few viewings, I got an offer for 228!
There’s NO WAY in the world I’m accepting that. I actually said to the ES I was only looking at accepting my asking price, so to get offered 228? I mean !!! 🤣🤣

bluerememberedhills · 23/05/2019 19:36

That said I agree with @ Bibbettybobbertyyhat - for the sake of £3k if it is the house you want - to offer in the range they wanted could pay dividends down the road - for you and them . Many a slip twixt cup and lip.

WBWIFE · 23/05/2019 19:50

Welcome to the world of house buying Haha. Its horrendous and I'm so glad we complete next week!

Original poster

Whatthehell2019 · 23/05/2019 20:34

Haha yes I did wonder if it was husband and wife arguing, but I do think they should have spoken about it BEFORE turning our offer down and then coming back having changed their minds. They did say that if they accept £372k then they'll take their oven..... Off you go with it then

OP posts:

ADadNotAMum · 31/05/2019 19:31

Put my last place up using "offers in the region of", and ended up with multiple offers as much as 10% over this figure.

For me it was a sales tactic.

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