• October 31, 2014
October 31, 2014, 8:34:02 PM *
Welcome, Guest. Please login or register.

Login with your Chronicle username and password
News: Talk online about your experiences as an adjunct, visiting assistant professor, postdoc, or other contract faculty member.
 
Pages: [1]
  Print  
Author Topic: Estate agent jargon  (Read 9052 times)
qrypt
Qryptacular & not really a Member-Moderator
Distinguished Senior Member
*****
Posts: 6,322

I just LOVE that VOICE. It's so NICE


« on: May 01, 2012, 6:28:38 PM »

I've been seeing house listings that aren't content to indicate a price: they say "Offers in excess of ...,...".  As a matter of culture, is this sort of language taken seriously?  If the ad says "offers in excess of 150,000" and I offer 145,000, surely the seller will accept the offer if in reality they are happy with 145,000, right? 

I get the impression that the language is simply intended to manipulate prospective buyers.  I know that achieved prices are closer to asking prices in Britain, i.e., the gap is smaller than in the US, it's not possible to get a house for 15% less than the asking price.  But the idea that I'm supposed to offer *more* than the asking price just seems silly.

Unless I'm missing something. 
Logged

"Kick ass! If somebody tries to stop the march to democracy, we will seek them out and kill them! Our will is being tested, but we are resolute. We have a better way. Stay strong! Stay the course! Kill them! Be confident! We are going to wipe them out! We are not blinking!"
chaosbydesign
"Are you alive?"
Member-Moderator
Distinguished Senior Member
*****
Posts: 21,915

Whatever your problem is, it's probably my fault.


« Reply #1 on: May 01, 2012, 9:41:18 PM »

This depends on what area of the UK you are looking in.
Logged

I am expressing multiple attitudes simultaneously sir. To which one are you referring? -- Spock
daniel_von_flanagan
<redacted>
Distinguished Senior Member
*****
Posts: 13,291

Works all day. Posts all night. Needs sleep.


« Reply #2 on: May 02, 2012, 1:39:07 AM »

It is quite common for houses to sell above their asking price, eg gazumping in the UK or aggressive pricing for multiple offers in the US.  I have several friends who paid above listing price for houses in England during hot market conditions.

I do believe that Estate agents in the UK have the same requirement as they do in the US to take any offer to the seller; at least, when I bought there some decades back all the offers I made (including the one for the property I eventually bought) were well below asking.

When I sold that flat the agents had no hesitation bringing offers to me that were well below my listing price, as much as 30% below, so don't pay any attention to anyone who tells you it isn't done. - DvF
Logged

The U.S. Education Department is establishing a new national research center to study colleges' ability to successfully educate the country's growing numbers of academically underprepared administrators.
scotia
Distinguished Senior Member
*****
Posts: 7,183


« Reply #3 on: May 02, 2012, 2:00:46 AM »

As CBD says, it depends where in the UK you are looking. Scotland has had an "offers over" system for many years. The house buying/selling system there is completely different and gazumping is virtually unknown. Houses are usually offered at less than the valuation and people are expected to bid upwards (sometimes sealed bids with a deadline). There was a crazy period when some places were selling for a lot more than valuation, but that does not seem to be happening now.
Logged
qrypt
Qryptacular & not really a Member-Moderator
Distinguished Senior Member
*****
Posts: 6,322

I just LOVE that VOICE. It's so NICE


« Reply #4 on: May 02, 2012, 2:27:02 AM »

<makes note never to look at Scottish job ads>

I'm in England.  Most listings simply give a price, and then buyers offer below that.  I can't figure out the mindset that says, let's tell buyers to go higher than the listing price.  (It's certainly not a hot market here now.)
Logged

"Kick ass! If somebody tries to stop the march to democracy, we will seek them out and kill them! Our will is being tested, but we are resolute. We have a better way. Stay strong! Stay the course! Kill them! Be confident! We are going to wipe them out! We are not blinking!"
scotia
Distinguished Senior Member
*****
Posts: 7,183


« Reply #5 on: May 02, 2012, 4:28:02 AM »

<makes note never to look at Scottish job ads>


I found both buying and selling a lot less stressful in Scotland than I did in England. Once an offer is accepted it is a lot more difficult for buyers or sellers to play games - which happened to me both as a buyer and as a seller in England. It was only because the surveyor got lost that I did not end up forking out for survey on the day that the seller in England discovered he had a mortgage redemption penalty and decided that he would ask for another 5K on the already agreed price. Then the buyer of the buyer of my last house managed to string out the entry date for three months longer than I had agreed with my buyer, and I had to pay an extra three months mortgage on a house I was no longer living in, and some council tax because I was past the period of grace for an empty property. In Scotland the entry date is fixed as part of the final acceptance of the offer: these chains do not exist.

By all accounts houses in Scotland are currently selling at valuation or a bit below - and the  HIP thingy requires the valuation to be stated in advance, so a lot of the heat has disappeared from the system.
Logged
empyrean_aisles
Sesquipedalian
Senior member
****
Posts: 572


« Reply #6 on: May 02, 2012, 4:32:23 AM »

<makes note never to look at Scottish job ads>

If you have kids approaching university age, it might be worth it, given that higher education is currently still free there ...
Logged

I just need to have my cake in a safe white place today.
expatinuk
Has spent over 1000 pounds but now holds a Brit passport!
Distinguished Senior Member
*****
Posts: 7,353

From SC living in UK ...on an adventure in Dubai


WWW
« Reply #7 on: May 02, 2012, 4:38:01 AM »

We've just gone thru the buying/selling thing here in England. Here are my views based on my experience.

 'Offers over' mean that the seller isn't interested in negotiating and is looking pretty much for the selling price.

Do your homework and check out what property has sold for in the street/neighborhood where you're looking. You can find this at: http://www.ourproperty.co.uk

Also check out http://www.mouseprice.co.uk because at that site you can see how long a property has been on the market. My experience is that if a house has been on the market for a long time there's something really really wrong with the house (the house that had been used as a Madressa comes to mind - also there was no way to rid that house of the curry smell without totally gutting it)

Good luck. You know enough about buying in the UK to know that there's no way to get a 'Dream house' here. It's all all all about compromise.
Logged

Expatinuk seems to be a Soviet Satellite in stationary orbit over the UK

It is what it is.
daniel_von_flanagan
<redacted>
Distinguished Senior Member
*****
Posts: 13,291

Works all day. Posts all night. Needs sleep.


« Reply #8 on: May 02, 2012, 4:59:45 AM »

<makes note never to look at Scottish job ads>
Wrong mindset.  The Scottish idea that a contract is a contract (so, for example, no gazumping) is really a strong positive compared to the slippery crap that happens south of the border.

However, I agree that bidding wars are unpleasant. - DvF
Logged

The U.S. Education Department is establishing a new national research center to study colleges' ability to successfully educate the country's growing numbers of academically underprepared administrators.
britmom
I'm a grant getting
Distinguished Senior Member
*****
Posts: 1,223


« Reply #9 on: May 02, 2012, 8:18:13 AM »

<makes note never to look at Scottish job ads>
Wrong mindset.  The Scottish idea that a contract is a contract (so, for example, no gazumping) is really a strong positive compared to the slippery crap that happens south of the border.

However, I agree that bidding wars are unpleasant. - DvF

I'd also take the Scottish system over the English. When we bought our first property, the market was crazy. We paid 30% over the offers over price, but it was still a good purchase and made us a handsome profit when we sold.  A property's worth whatever someone is willing to pay for it.

In my experience, bidding wars tend not to happen in Scotland (in the sense that someone puts an offer, someone else betters that and so on...). Everyone puts their best offer in, without the knowledge of what others have offered, and crosses their fingers. Normally (although not always) the vendor accepts the best price and that's it--if you didn't win, you move on.

Anyway, I would agree that an 'offers over'price in England does not preclude you from putting an offer in below that.
« Last Edit: May 02, 2012, 8:22:21 AM by britmom » Logged

Sometimes the only way to stay sane is to go a little crazy - Girl Interrupted
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.9 | SMF © 2006-2008, Simple Machines LLC Valid XHTML 1.0! Valid CSS!
  • 1255 Twenty-Third St., N.W.
  • Washington, D.C. 20037
subscribe today

Get the insight you need for success in academe.