Gobbledygook means ‘jargon’.
Are you confused by the difference between “Around’ and “In The Region Of”?
Read on as we try to clarify some of the mysteries around the various price prefixes you may come across if you are buying a house in Scotland.
“The most difficult thing in any negotiation, almost, is making sure that you strip it of the emotion and deal with the facts.”Howard Baker
A statement of the price the seller would accept and the preferred choice for buyers with clarity on price expectation and more certainty of a result with less wasted effort than offering at a closing date. Other factors are still relevant so a clean offer from a cash buyer would be preferred to one conditional on mortgage or sale and the seller still reserves the right to accept at any level or if multiple offers to fix a closing date to allow them to put forward the best offer.
The seller is prepared to consider offers just above or just below the price so he is generally not expecting a significant premium or uplift on the advertised price and may even take a bit below. As discussed, the Home Report will show the actual valuation so generally the Offers Around price would be at that level.
More commonly used for sales in England and similar to Offers Around although it tends to indicate a softness on price. Unlike in Scotland there will be no Home a report so the seller or selling agent has set the price expecting that on sale this will value up but generally it is set in expectation of negotiation.
The seller is asking offers over a certain price leaving it to the buyer to offer on that basis. If there’s a lot of interest the seller would generally set a Closing Date but buyers should Note Interest with the selling agent so that they are advised if a closing date is fixed. This does not entitle buyers to be told if another offer is received and some lose out by sitting on their hands for too long or feel they can’t do anything until they have the cash from a sale. Conditional offers are increasingly considered depending on timing and prospects for completion.
Legal Lab’s Top Tip – Explain your situation fully to the selling agents including details of any sale and timing showing you are a serious interest worth considering and keep in touch on a regular basis.
Price or Asking Price – plain speaking straight forward expression that means what it says but is rarely seen!
Price on Application (POA) – rarely seen for residential sales and an additional hurdle that will deter buyers taking further particularly in digital age. More often seen in sensitive commercial sales where selling a business and little point in residential sales.