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  1. #1
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    Default Real estate question

    If a house has a price on it of 550k - 600k and the owners reject 550k, do they have to change the price they have on it?

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    Nope

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    No. It's a price guide. In Melbourne, if it's advertised at 550-600 the vendors will be hoping for a minimum of 650. But 700 will be closer to what it actually sells for.

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    Quote Originally Posted by GingerKat View Post
    No. It's a price guide. In Melbourne, if it's advertised at 550-600 the vendors will be hoping for a minimum of 650. But 700 will be closer to what it actually sells for.
    Just out of curiosity...why dont they advertise a figure closer to what they want?

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    Agents will tell you it's because they want to make sure those searching for properties up to 550 see your listing advertised. I think it's just a crappy industry practice that needs to stop.

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    Tinkers  (16-03-2016)

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    Technically yes ( in NSW) you can't advertise a price range once the owner has rejected an offer of the same price as the guide

    Where it goes wrong and why it's hard to police is that an "offer" is something that should be in writing and not just verbal otherwise if we had to change price guides every time a buyer made a verbal offer ( so not binding) it would be impossible so if the owner did received a written offer of $550 and formally rejected it the guide has to be changed to $551 plus etc

    Is the property an auction or private treaty?

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    Little Ted  (16-03-2016)

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    Quote Originally Posted by Tinkers View Post
    Just out of curiosity...why dont they advertise a figure closer to what they want?
    The lower price draws more people in to look at it

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    Default Real estate question

    Quote Originally Posted by Tinkers View Post
    Just out of curiosity...why dont they advertise a figure closer to what they want?
    Because if that figure is too high they may lose a lot of good buyers, the first 2 weeks in the market is critical , price it too high and you will lose your buyers, this market is so up and down at the moment prices change weekly so until the buyers come through no one can say anymore what they will do plus unfortunately for us no buyer will ever tell us what their maximum price is , they usually offer low to start and same with the owners, they never tell us their bottom figure until after they get some offers in

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    Quote Originally Posted by GingerKat View Post
    Agents will tell you it's because they want to make sure those searching for properties up to 550 see your listing advertised. I think it's just a crappy industry practice that needs to stop.
    Agree, ridiculous. In perth ( not all parts) alot of sellers advertise above what they actually want to allow for dropping the price. Melbourne house prices are crazy stupid atm.

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    Quote Originally Posted by Elijahs Mum View Post
    Technically yes ( in NSW) you can't advertise a price range once the owner has rejected an offer of the same price as the guide

    Where it goes wrong and why it's hard to police is that an "offer" is something that should be in writing and not just verbal otherwise if we had to change price guides every time a buyer made a verbal offer ( so not binding) it would be impossible so if the owner did received a written offer of $550 and formally rejected it the guide has to be changed to $551 plus etc

    Is the property an auction or private treaty?
    Thank you. Yes, it was written with an electronic paper trail. We thought we'd heard this was the case along the way somewhere but didn't know if it was an old rule that applied to the pricing before it was all changed recently with the new rules.

    Private treaty - does this change anything?

    Our offer was rejected yesterday morning and the price guide has not been changed.

    How should we approach this? We made a second offer, they countered, we said no. We're thinking of asking the agent if they were still considering our offer as there has been no price change?
    Last edited by Little Ted; 16-03-2016 at 22:01.


 

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