Understanding house /auction price ranges

[lilbird]

Hi I'm after some help understanding a price range that a vendor sets for their home
And as s purchaser how do I determine what to offer
Ie
$420-440,000
What exactly are they hoping for either offers pre auction or on auction day!? I cannot determine what's a suitable offer when I'm not entirely sure of the range they sets
Sales in area would suggest around low 400s potentially mid way of their price range

Any clarification would be so ever appreciated!!!

[babyno1onboard]

I think you offer what you would pay for the house. If the offer gets rejected there is usually opportunity to increase it.

[Elijahs Mum]

The range is a guide - you can offer whatever you feel it's worth but I would compare it to what else has sold and what else is for sale - the owners price can and usually does changed during the campaign depending on the feedback and their motivation to sell , ask if the owner will sell prior and what price would they be happy to accept ( in our area we rarely sell prior to auction so see what is usual for your area)
Remember even if you do buy before the auction there is no cooling off period so do all your checks first