Why OIEO in England?

movilogo

I thought "Offer In Excess Of" concept was only applicable in Scotland.

But why so many houses in England nowadays advertised as OEIO £x amount etc.?

WestonDave

In Scotland it has a particular relevance, but there is no reason why it can't be done in England - all they are saying is that if you offer less than the stated price its unlikely to be accepted which in many cases gives a clue that there is a mortgage etc on the property which will not be cleared if the offer is below that price, and so it is pretty much impossible to go lower. (whether or not its true or just a sales trick is another issue).

telboyo

They are trying to give the impression that the house is worth more than that amount or trying to make a potential purchaser think there is a buyer waiting with a bid at the mnimum price. Only bid what you tghink the house s worth to you not what an estateagent tells you.

Mallotum_X

The main reason seems to be the Estate Agent wants them to drop the price and the seller doesnt really want to.

It seems to put people off on the whole.

theartfullodger

There is nothing to stop someone offering less than in either Scotland, Engerland or anywhere else...

It's a game of poker,... it's a gamble - both on what price you finally sell it for/but-it-for and also if house prices then go up or down....

Why OIEO in England?? Some vendor/agent thinks it's a good idea is about as close an explanation as you'll ever get...

evoke

OIEO is a marketing ploy used by estate agents to capture a property in more price searches. For example, buyers search for a max price of £200K. Your property is marketed at £205K. It won't show up on search results for a max price of £200K. EA markets it as OIEO £200K so now it shows up in many more searches.

puddy

i find it offputting

InkZ

If you know the lowest you can accept due to equity in the property etc, then why advertise it at an inflated price.

I put my flat on for OIEO to make it cheapest in the bracket. They offered 5k under and I accepted 2k under.

DVardysShadow

InkZ wrote: »

If you know the lowest you can accept due to equity in the property etc, then why advertise it at an inflated price.

I put my flat on for OIEO to make it cheapest in the bracket. They offered 5k under and I accepted 2k under.

Even you advertised it at an 'inflated' price for exactly the same reasons as anyone does.

nomoneytoday

It's a marketing tool. OIEO, price bands, high price with discounts, free stamp duty etc etc

movilogo

So that means we should not bother about OEIO keyword and just offer whatever we think it is worth for?