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Offers In Excess Of....
currynchips
Posts: 160 Forumite
Common terminology - and a bit self-explanatory - but, is it really that?
When we looked at a place the guy said it was OIEO £130k, initially the couple had wanted £160k but dropped it to see what the best offer over £130k was, then take it.
Hence when we made the offer(130 which rose to 140, don't worry, it's fallen through now), I felt a bit cheated considering the current market, and all of these offers going in well below the asking price.
If I see a house on sale for OIEO £100k, should my first offer be below this?
When we looked at a place the guy said it was OIEO £130k, initially the couple had wanted £160k but dropped it to see what the best offer over £130k was, then take it.
Hence when we made the offer(130 which rose to 140, don't worry, it's fallen through now), I felt a bit cheated considering the current market, and all of these offers going in well below the asking price.
If I see a house on sale for OIEO £100k, should my first offer be below this?
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Comments
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It depends where the oieo figure is in relation to asking prices of other properties for sale.
I've just sold my house for £212,500 after putting it up for oeio £199,950 which compared to a few other identical properties on at between £235 and £250k.
Of course, it didn't stop the first bid coming in at £199,950 but it got a fish on the hook and allowed me to haggle up to the final price.0 -
it means the seller is stupid the estate agent is even more stupid and the buyer is a absolute nutter.. if there is ever going to be one...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
it means the seller is stupid the estate agent is even more stupid and the buyer is a absolute nutter.. if there is ever going to be one...
Go on then, i'll bite.
If I wasn't getting any viewers through the door pricing the same as everyone else then why does it make me stupid to slash the price but use oieo?0 -
because you are asking people to read your mind and in todays market that is not going to work....simple as that ,....you are treating people as fools....go on guess how much i want...its a stupid ideaIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
There is no should or shouldn't. Whose money is it [or who is responsible for paying the mortgage off]? If you offer under, what can they do? Throw a big hissy fit? If they do, please let us know, so we can all have a laugh.currynchips wrote: »Common terminology - and a bit self-explanatory - but, is it really that?
... If I see a house on sale for OIEO £100k, should my first offer be below this?
If you start by thinking what is the max you would pay, you are safe in that you know when you would walk away. You opening offer is just your best guess at how to get an agreement at the lowest figure below your walk away figure. OIEO, guide price and any other qualifiers are no more than clues from the other side. Personally in the current climate, my walk away price would be no more than £1 over the OIEO price.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
because you are asking people to read your mind and in todays market that is not going to work....simple as that ,....you are treating people as fools....go on guess how much i want...its a stupid idea
Well in todays market it just has worked.
It got people in the door when they otherwise wouldn't have been interested and got offers. I rejected the initial offer and asked for 215, they offered 210 and we settled on 212,500.
I don't believe for a minute i'd have achieved a sale using 'normal' methods in todays market.0 -
OIEO = vendor chancing their arm.
Ignore it completely and in the current market you should offer well below it.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
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double post0
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imo its perfect (as long as you pitch it correctly and are prepared to take a reasonable amount)
I did exactly the same about 9 months ago. Similar houses on the market for 135-140k. Granted the landslide wasnt quite in full swing, but went 125k no offers.
Sets the stall out. Told the agent not to even pass on offers under this amount (which they didnt) and sold in 3 weeks.
Does the opposite of what geoff is saying imo. (assuming you arent expecting a bidding war to commence!) each to their own.0
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