Do auction properties sell at guide price?

Every property for sale by auction will have a guide price, either as a single figure or a price range. … Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

Do houses usually sell for guide price at auction?

Price guidance. The guide price is the price the auction house expects the property to sell for, but properties often fetch much more. … If the bidding doesn’t reach the reserve, it may be possible to do a deal with the seller, via the auction house, on the day.

What does guide price mean in auctions?

The guide price is an indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase.

Do properties sell for more at auction?

Most buyers at auction buy for less than their limit which means most sellers at auction under-sell their homes. You can’t possibly get the highest price for your home if the central focus is on the Sellers’ Lowest Price.

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Can I offer less than the guide price?

Can you offer less than guide price? Yes, you can offer less than the guide price but offering less than the guide price may not be a good idea as you are clearly going below what a seller has stated they may accept. Offering less than the guide price may see your offer rejected.

What should I offer on guide price?

Again, this depends on the market and how many buyers are interested in the property. But as a general rule, it’s considered acceptable to offer 5-10% lower than the asking price. It’s worth remembering that if your initial offer is refused, you can always come back with a better one.

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 .

How accurate are guide prices at property auctions?

Guide prices at SDL Auctions are as accurate as possible – this is because they are generated using a number of factors closely aligned with the value of the property. The guide price, however, should not be confused with a property valuation.

What are the disadvantages of auctions?

Disadvantages

  • Selling at auction can deter some buyers because of the competitive nature of the bidding process – not everyone enjoys that scenario.
  • Potential bidders must register to attend an auction and this may also put potential purchasers off. …
  • The price you receive may not fully satisfy your expectations.
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Do agents have to give a price guide?

In NSW, an agent has the option not to provide a price guide at all, while in Victoria, agents will be required to provide an indicative selling price.

Why do estate agents say offers in excess of?

An “offer in excess of” basically means that they would prefer the buyer to make an offer above the specified amount. This is usually laid out as a firm message that the seller will not accept anything lower. In some cases, it could be due to the seller has a clear idea of how much they want to sell the property for.

Should I offer below the asking price?

As with all negotiations, when you are making an offer on a house, start low. A good rule of thumb though is to offer 5% to 10% lower than the asking price. Don’t forget that sellers often take this into account and deliberately put their house on the market for more than they expect or would accept.

What does guide price mean when buying a house UK?

The guide price of a property is the rough price that the current owner would like to sell for but isn’t necessarily set in stone. For example, a guide price of £250,000 means that the current owner would like approximately £250,000, but the final value could be greater or smaller.