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What is the difference between a guide price and a reserve price? ANDREW SAYS : “The Royal Institute of Charted Surveyors defines them as follows”:
Guide Price An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price
(reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction. Reserve Price The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
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How do I set a reserve? ANDREW SAYS : “We will recommend a reserve when we first meet and the review this figure with you in the days approaching the sale”. ” …remember – when the gavel falls the deal is done… ANDREW MORGAN
andrew MORGAN MBE andrew@hollismorgan.co.uk
BE A PART OF BRISTOL AND THE WEST COUNTRY ' S Biggest LIVE Property Event Do I need a solicitor? ANDREW SAYS : “A property cannot be offered for sale without a legal pack and this needs to be prepared well in advance of the auction and available to be downloaded from our website. This will contain special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries”.
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