Re: From the Times to the Financial Times

On Nov 12, 11:56 pm, "Peter T. Daniels" <gramma...@xxxxxxxxxxx> wrote:
On Nov 12, 4:24 pm, Offramp <alaneobr...@xxxxxxxxx> wrote:





On Nov 12, 5:15 pm, "Peter T. Daniels" <gramma...@xxxxxxxxxxx> wrote:

On Nov 12, 4:55 am, Offramp <alaneobr...@xxxxxxxxx> wrote:

On Nov 12, 6:15 am, Rishi <chaturv...@xxxxxxxxx> wrote:

ONO (in the UK at least) means "or nearest offer" when selling something

I have seen this used in the U.S. too.

Rishi
in Madras that is Chennai, India

It looks like the Yanks have the better idea again: if you are
offering something for £500, and you get two offers, £495 and £510,
the nearest offer is £495, the best offer is £510.

Why would anyone offer more than the asking price?

Buying houses in Scotland, for example.-

Property in Scotland is sold by sealed bid opened at a stated
deadline. Whilst the vendor is by no means required to offer the
property to the highest bidder it's obviously in his interest to do
so. Therefore the asking price is oft if not always exceeded in areas
where supply trails demand.

In England property sales are conducted progressively so the vendor
may accept any offer at any time. Once he has done so he is morally,
though not technically legally, obliged to honour the offering price.
When the market was at its maddest there was considerable distress
caused by 'gazumping', someone topping offers by a big margin to
entice the vendor to dishonour an accepted offer. That's much rarer in
these more normal times but a buyer may well consider it still in his
interest to offer in excess of the asking price as insurance against
gazumping.

.

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