Offers in the Region Of

Teachy

We are looking to buy a house at the moment and have come accross one that says OIRO £185,000. The same estate agent advertises 'offers over'.

OIRO - does that mean that I can offer lower than that price etc..

Seems like a crazy question, but just curious before we put in an offer.

Thanks

alanobrien

Its the agents guide price, you can offer over or under depending on what you think its worth.

Take into account any repairs that need doing and take that off the guide price

for instance;
Flat roof does it need replacing ?
Heating system update ?
Does it need rewiring ?
etc etc........

Good luck.

John_M_Business

Often, at least in England, an 'offers in the region of' is actually an invitation to offer LESS for the property. It indicates a willingness to be flexible on price and how many buyers are flexible upwards?

However, this may also be dependent on the agent - are other properties from the agent also 'offers in the region of... '? Worth checking.

Mr_P_5

Must say.. im in the samae position. it was for offers in the region of!

we put an offer in under the price.. (we were the highest after other had bid.. pretty sure anyway!) but then they decided to put it to "your best and final offer" what a pain. means we might have to pay more! anyway our offer is in.. £250 over the "in the region of" price.

John_M_Business

Sounds OK. Just NEVER be pressured into offering a high price. Too often you're being misled - don't be fooled by thinking that there are other buyers. Remember that often your only point of contact is the agent and HE IS BEING PAID BY THE SELLER!!

Just stick with what you're willing to part with for it. Be as dispassionate as possible.

dippy

The estate agent is receiving a percentage of the sale as fees.

Debsie

This indicates a general level of offer the seller is hoping for. Of course you can offer a lower price. Be realistic though or you may come across as a waste-of-timer. Hope you get something nice!

garysletters

you can put lower offers in for any house regardless of if it's status, whether is OIRO or offers over or anything. The agent is then legally bound to let the vendor know that this offer has been made.
some agents use "offers over" as a standard term, without consulting the vendor!!! (as has happened recently with my dad!)