Abbreviations what do they mean???

[Ricky]

Can somebody explain to me what the following abbreviations mean in the housing market world. I am totally confused . (Not that it take much to confuse me )

POA
Price
Tender
Auction
PBN
MWP
BEO
etc

Thanks

[ourquest]

Ok, lets start guessing.
POA would be "price on application" If you have to ask, you can't afford it.
PRICE I have no idea, but might have something to do with price.
TENDER presumably a closed envelope bidding system whereby after a cut off date the highest bid wins the property.
AUCTION Highest bidder on the day takes the property, as long as the seller's reserve (minimum) price is met.
PBN must be "price by negotiation" means the seller doesn't know what its worth
MWP hmmm, this is getting more difficult. How many more before I win "who wants to be pretending to be a millionaire?" Mostly Wet Porch? My Widow's Property? Mid Week Parties? I'm stumped. I'll kick myself, I know...
BEO Oh dear, I 've had fun, thanks, but it's the turn of someone else on the forum.
Hope its a start!

[Mels]

MWP means marketed without price

BBO = buyer budget over

BEO buyer enquiry over

If you look on open2view where it gives these abbreviations for a property there is also a 'what does this mean bit'.

Oddly MWP does not always means 'oh so expensive' as I thought it would

[Georgebulldog]

This is worth a look at for abbreviations

http://www.immigration.govt.nz/migra...ertisement.htm

Hope it works

[ourquest]

Great link Lindsey. NZIS keep surprising me. They've thought of everything.

[IanW99]

[QUOTE=ourquest;168611]
...
TENDER presumably a closed envelope bidding system whereby after a cut off date the highest bid wins the property.
...
QUOTE]

Almost right, except of course it doesn't have to be the highest bid that wins (sure it is most of the time). The 'tender' includes any terms and conditions on the purchase and anything else that you want to add that may persuade the seller. For example, one tender may be the higher offer but have conditions attached that the seller doesn't want to wait for in which case they may accept a lower offer with less conditions.

Ian

[sizzlingbadger]

We won our house by tender. It was the lowest on the table as well, ours got accepted because it didn't have any conditions on, very brave decision to make but we knew it would be dismissed otherwise

[ourquest]

For example, one tender may be the higher offer but have conditions attached that the seller doesn't want to wait for in which case they may accept a lower offer with less conditions.

Much like any offer on a property then. We've had a week of fighting with estate agents who brought us an offer where the purchaser warranted he had sold his house without any conditions attached...we wanted proof and by the following evening the agent had found that he had sold, but subject to another sale, which in turn was still subject to a bond approval. He (a bit unprofessionally) adjusted his offer accordingly. After some meetings with an attorney and some changes to some clauses we've signed to accept but doubt it will materialise.
So yes, choose the envelope with the cleanest offer! (if you are a seller, that is)

[nickydwuk]

MWP means marketed without price

BBO = buyer budget over

BEO buyer enquiry over

But what do these terms mean?

[sizzlingbadger]

MWP - means the vendor and probably the salesperson don't know it's real value, just what someone will pay for it. Usually used for the very expensive out of everybody's price range but not always.

BBO - they'll usually have BBO say $680k, that way you'll know the bottom line is usually that figure. When prices were on the rise some were going for $100k over the figure.

BEO - Will again probably be BEO say $680k and you'll know it'll be over the figure. Again not always though, our first property was BEO and we got it for under the figure

HTH