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"Offers in Excess of"
tleefox
Posts: 98 Forumite
Straight forward question really - how much attention do people pay to this line?
Me and the OH have our place on the market and are looking at places for us to buy and there are a number which are near enough to our budget, but many of them have the "offers in excess of" line in front of the price.
So, if something was up for "offers in excess of £230k" are we wasting our time by offering £220k say?
Me and the OH have our place on the market and are looking at places for us to buy and there are a number which are near enough to our budget, but many of them have the "offers in excess of" line in front of the price.
So, if something was up for "offers in excess of £230k" are we wasting our time by offering £220k say?
My debts at 11th April 2011:
Virgin Credit Card - [STRIKE]£1,900[/STRIKE] £1,500 (21.1% paid off)
Nationwide Authorised OD - [STRIKE]£2,000 [/STRIKE] £1,500 (25% paid off)
Student Loan - exact amount TBC but circa £5,000
I'm on the road! :T
Virgin Credit Card - [STRIKE]£1,900[/STRIKE] £1,500 (21.1% paid off)
Nationwide Authorised OD - [STRIKE]£2,000 [/STRIKE] £1,500 (25% paid off)
Student Loan - exact amount TBC but circa £5,000
I'm on the road! :T
0
Comments
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You can offer whatever amount you like, worst is they'll say no!0
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Got to agree with Pancake, buyers market offer what you feel it,s worth. They can only say no, and cross you of the christmas card list.0
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Are you looking to buy in Scotland?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Are you looking to buy in Scotland?
No - why do you ask?My debts at 11th April 2011:
Virgin Credit Card - [STRIKE]£1,900[/STRIKE] £1,500 (21.1% paid off)
Nationwide Authorised OD - [STRIKE]£2,000 [/STRIKE] £1,500 (25% paid off)
Student Loan - exact amount TBC but circa £5,000
I'm on the road! :T0 -
You can offer whatever amount you like, worst is they'll say no!
Fundamentally I agree....but to me OIEO means that this is the VERY lowest amount, the absolute minimum the vendor is prepared to sell for and it would, thus, be utterly pointless for me to offer below.
Actually, in my area, OIEO are also (re-)gaining popularity. I guess vendors are sick to their teeth to just receive what they perceive as silly offers.
Actually, putting myself in the vendors shoes, I would be cheesed off if I did got an offer below the OIEO....and I would instruct the EA to to emphasize this point PRIOR to any viewing.0 -
OIEO means nothing to me as a buyer. Our house was on at "Offers in Excess Of 110k" and we got it for 96.5k.
As a vendor, I wouldn't bother messing about with trying to sell OIEO either, just stick it on at whatever price you think it's worth and expect offers.0 -
I asked the very same thing in the buying forum as the house was on for £199995 but after 2 viewings it changed to OIEO that now which has put me off slightly.0
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My house is on the market now in Scotland for offers over 2k less than the home report value that is the market value at todays date.
The proplem is that properties with home reports done up to 18 months ago are being advertised and sold at 10% under and buyers expect all properties to be the same - even ones with a drop in value built in to the asking price
I am selling a 3 bed detactched with garage in a good area for offers over £148k. The same houses were selling in days for £180k 6 years ago
Offers under 148k will be ignored - end of0 -
You never know whether the vendor will accept offers under the OIEO price if you don't try OP! You never know, you might get lucky like we did and get a good chunk off!0
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At the end of the day you as the buyer offer what you believe the property is worth, or at least starting point.
Dont let OIEO bully you into offering their OIEO figure - it can be just as easily used to price bump anyway. If they dont like your offer they can say no & you can decide if you want to counter offer or not.
Ive seen a couple of ridiculous OIEO in my area...then 6 months later they both have had significant adjustments to their original OIEO!0
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