"Offers in Excess of £x"

cavester

Hi,

I often see houses advertised with a price which states "Offers in Excess of £x" number of pounds, is it uncommon to offer below that amount even though the EA has stated "Offers in Excess of "?

Cheers,

Lee.

Doozergirl

If you don't think it's worth what they're asking then offer less. They can only say no.

Sometimes houses are marketed this way when they want a quick sale and they set the guide price low, other times I think it's an EAs way of letting an overoptimistic vendor down gently. ie. they want too much for the house so the EA tries to persuade them by saying they'll ask for offers over a certain price.

wnb

I have just put my house on the market for "offers in excess of 207,500" the reason why i did this is that I would not consider any offer below this price and have marked it lower than what I want.

nollag2006

I'd avoid any house with an OIEO tag on it - as a purchaser, you are leaving yourself wide open to be gazumped. The vendor can leave it on the market to just watch the price drift up and up ...

My advice - don't touch with a bargepole

wnb

nollag2006 wrote: »

I'd avoid any house with an OIEO tag on it - as a purchaser, you are leaving yourself wide open to be gazumped. The vendor can leave it on the market to just watch the price drift up and up ...

My advice - don't touch with a bargepole

I'm curious as to why you think that?

Diamonds_2

Bridgefords do it all the time - very annoying it is too!

MJMum

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abaxas

The price of anything is set by the buyer. By saying OIEO, the vendor is trying to dictate his price Avoid like the plague, you know the vendor is an ar$s hole, so dont bother.

Tiger_greeneyes

I certainly wouldn't discount properties on the basis they're tagged OIEO.

However, if I viewed and had an offer accepted, then I'd want the house off the market immediately or given three weeks grace to get a survey done - or I'd pull out. By the time you've got your survey done, the vendors are usually happy to stay off the market as they know you're serious.

nollag2006

abaxas wrote: »

The price of anything is set by the buyer. By saying OIEO, the vendor is trying to dictate his price Avoid like the plague, you know the vendor is an ar$s hole, so dont bother.

Agree with these sentiments, but don't know that I'd put it that strongly.

When I see OIEO, I get the feeling that the vendor is unscrupulous, and wouldn't hesitate to go with a higher price, irrespective of whether the purchaser has paid for a survey or not.

We've just bought in Harpenden, a real hotspot currently, and one of the estate agents there (Ashtons) really encourage this sort of bidding frenzy.

No matter how nice the houses were that Ashtons had, I'd never bid on them. Its just too risky.

MJMum

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