Highest Bid Over The Range Please

I recently inspected a home in Osborne St, Williamstown. The asking range for the house was $940,000-$980,000. The home is due for auction April 10, 2010.

The home is being offered by Compton & Green Real Estate, Williamstown. It has three bedrooms, reasonable size living area and large kitchen. The home has dated (according to my standards) and is in need of a little renovation. It has mock terra cotta tiles and mock bakelite switches.

An offer was placed between the asking range but was not accepted. Unfortunately the vendor said that he/she wanted substantially over the $980,000. Perhaps in this case the vendors should increase their selling range and put it over the $980,000.

I have learnt something from the quoted range. It's basically not always true and vendors always want an extra 10% to 20% on top. As a buyer, I would much more prefer the vendor be upfront with the price range. That way I know whether I am in the running or not.

Just to sum up, the agent we dealt with was excellent to deal with. He was courteous, polite and considerate.

Update:
Auction April 10, 2010
House sold today for $1,212,500.00
I guess that's what the owner meant by substantially over the asking price. $232,000 over the asking range.