There is this idiocy in Australia where properties are now, “Priced From”
What does that even mean?
Priced from $649,000, Priced from $539,000
My understanding is when Priced From is used that is the minimum price.
Such as when Cafes advertise; Coffee, Priced from $4. Small coffee will be $4, anything larger will be dearer.
So how does this apply to a house, “Priced From”. How would a house priced in such a way be more expensive?
Same as ‘Offers over ‘
And ‘up to .’
They are a loathsome breed
Loathsome is a great word to describe them.
Don’t know any “Real” Estate Agents!
1 Like
Where I am, ‘priced from’ is usually used when a house is newly built. They don’t normally negotiate below that price because the builder has to make up their cost.
When houses are older, there’s more play in the price because there’s equity and the condition of the house varies. With new houses, they’re all in new condition.
1 Like
Doesn’t it partly depend on the property sale process and laws? I understand the wording typical in Scotland is “offers over” a value shown and this is because in that country they mostly use sealed bids rather than individual offers. Similarly for new build properties the way the price is presented often differs from private sale pricing.
1 Like
Offers Over £500,000
Wouldn’t put me off making an offer of say £450,000
1 Like
Putting in an offer under the “offers over” price would mean that your offer would simply be binned. With the sealed bid mechanism all bids received are opened by the solicitor and the highest bid (above the asking price) secures the property. If all bids are below the asking price then the vendor removes the property from the market. They can of course put it back on the market at a new lower asking price. So making an offer below the asking price would serve no purpose. Of course you might be lucky and find the house does not sell first time round, is re-marketed at a new lower asking price (in your example it could be an asking price of £450k) and you can then offer at that lower asking price. But you don’t know what other bids will be so the chances are you will not succeed in buying the property unless you offer more than £450k.
1 Like
Yes but I wasn’t talking about the sealed bid mechanism. Perhaps I should have quoted the OP when replying. We’re talking about smart arsed agents, leaving people unsure of where they stand. An offer gets the ball rolling, as far as I’m concerned.
2 Likes
We’ve got an old house and garden.Presumably they thought were were old too and really wanted a nice convenient flat so we were always getting loads of their advertising bumf in the letter box.
So I wrote in marker “Real Estate” and drew a picture of a skull and crossbones underneath on the box.It seems to be working.
1 Like
Offering a lower bid would give you no chance as it would simply be put aside and only looked at if no other bids were tendered.
1 Like
Is the end of the Auction House?
OK, sorry you asked. 
It’s different here in England, the agents might say “Offers Over” but who knows what a vendor is prepared to accept! Always worth asking. And you should always get a polite reasoned reply.
1 Like