Advice on marketing a property, oieo or ono?

MulberryPeony

I'd take the OIEO as being the lowest price you're willing to take and I'd still go in with a lower offer personally.

budgetdiyer

MulberryPeony wrote: »

I'd take the OIEO as being the lowest price you're willing to take and I'd still go in with a lower offer personally.

Exactly that in my experience.

OIEO may have worked in a better market (when you might hope to attract multiple interested parties.

In my experience in the current market properties tend to go for the OIEO price or lower.

paddyrg

With all bargaining and haggling (ie every sale), the first person to name a price loses. OEIO, a range, ONO or a straight price who cares - you started negotiations at a particular price and people will use that as a guide to what they might offer.

geoffky

I thought people who did this where idiots and did not understand the market so gave them a wide berth...playing silly !!!!!!s with house prices is just that..leave the lunatics to wonder why they are not selling..

robatwork

I would maybe take a different tack and instead of "100,000 ono", you can go with "offers above 100,000". To me that still means a buyer can negotiate, but anything that isn't pretty close ie 95,000 or above won't be entertained....

Mrs_Imp

joess wrote: »

It was silly, house prices round here haven't dropped and the market is still strong.

Very few offers are silly, cheeky maybe, but not silly. Someone has taken a shine to your house, and has offered you what they are prepared to pay for it. Nothing silly about that. It would be silly not to offer, as then there's no chance of you accepting it.

We offered on a house, and the owner thought that the offer was 'silly'. They refused. When their higher offer fell through, they came straight back to us for our 'silly' offer. We refused, as we'd seen better. The house eventually sold for less than we had initially offered. Who was the silly one??

motherofstudents

Google Express estate agency or check threads on here. I would avoid them.

johnnyredgate

Thanks for advice, and caution re Expressea I did not find out their charges until they came out - they will cost well over 3k and am thinking I would be just as well to go with another online agent which would be far cheaper and potentially pass on the cost savings to the buyer by being more prepared to take a lower offer if saving 2k + on EA fees.

The responses are interesting the cottage is not one in a row of similar houses, and really needs visiting to appreciate it and the surrounding fantastic landscape and nearby open countryside hence my thoughts were if it was marketed at offers above £140000 would it attract a lot more people view than if it was marketed at £165000 guide price as advised by the local estate agent

Other issue is how much relevance would be give to the zoopla/rightmove price/valuation guides. When it was purchased last year the Zoopla guide was approx £184k based on the 1991 purchase price, it was purchased at auction at a very good price but in a tired/dirty state with some damp proplems etc (now all dealt with, replastered where needed redecorated, new windows carpets etc. Now the valuation based on our purchase price is little under 125k How much do you think this would put people off viewing?

Yorkie1

OIEO = greedy seller in my limited opinion / experience.

Express EA are renown for promising to the seller that they will advertise their property for OIEO £x, and get people to pay £x + say 15%.

Buyers get completely p'eed off when they find out that the seller's expectations are so different from theirs, and walk away.

Far better to use an EA with a better sales approach that doesn't alienate unwitting buyers or raise sellers' hopes too much.

geoffky

Forget zoopla for prices....They are a joke..