Estate Agents - Regulation

[Fruitcake]

Someone I know has just put in an offer on a property which matched the guide price amount, only to be told that they want more money.

This comes under false advertising rules, shirley?

What's the comeback on this?

Any help would be great.

Thanks.

[scotal]

You're kidding right?


Its a guide price, an invitation to treat if you will. Not a buy it now on ebay.

Edited by scotal on Wednesday 15th April 17:48

[AJS-]

Prices are a guide, a lot of people bank on starting a bidding war. A bit sharp but I doubt very much if there's anything illegal about it.

[Fruitcake]

scotal said:

You're kidding right?


Its a guide price, an invitation to treat if you will. Not a buy it now on ebay.

Edited by scotal on Wednesday 15th April 17:48

It's advertising something at a price. That price, it turns out, will not buy said item.

Why would I be kidding?

[anonymous-user]

Fruitcake! Now that's apt

[scotal]

Fruitcake said:

scotal said:

You're kidding right?


Its a guide price, an invitation to treat if you will. Not a buy it now on ebay.

Edited by scotal on Wednesday 15th April 17:48

It's advertising something at a price. That price, it turns out, will not buy said item.

Why would I be kidding?

Its not a set price, its a guide. Its a price to tempt you to view and make an offer. Was there an upper limit on the guide? Say £150,000 -£175,000.

Has they put the price £20k higher and then your mate had offered what he's offered would you be surprised they turned him down?

[TimCrighton]

A house price is referred to as an invitation to treat as stated above. It means that it is a suggested price for the sale of the property, but the vendor is not obligated to sell if that price is matched.

For a point of reference also - a price advertised on a ticket in a shop is also an invitation to treat and it is a common misconception that a mismarked good has to be sold at that price. The transaction is not concluded until the till and the seller retains the right to alter the price at any time prior to the sale concluding.

[JustinP1]

TimCrighton said:

A house price is referred to as an invitation to treat as stated above. It means that it is a suggested price for the sale of the property, but the vendor is not obligated to sell if that price is matched.

For a point of reference also - a price advertised on a ticket in a shop is also an invitation to treat and it is a common misconception that a mismarked good has to be sold at that price. The transaction is not concluded until the till and the seller retains the right to alter the price at any time prior to the sale concluding.

+1

Exactamundo.

You could offer them a million pounds if you wanted but they don't have to sell it to you if they don't want to, and especially if they already have a better offer...

[Hobo]

Venture out to a property auction and see how many properties sell at 'guide' price.