"Offers in excess of..." Is this a turn-off?

*mudangel*

Hi all,

After a buyer pulling out, we recently dropped the price of our house from £157,500 to offers in excess of £150,000.

This was on estate agent's advice as we've seen a house we want and want our place to sell quickly.

However, I've just been told that the "offers in excess of..." phrase can be a real turn-off and we've not exactly been inundated with viewings since the price drop. Anyone have thoughts on this?

Any advice gratefully received!

Better_Days

I don't like OIEO as it often happens when a vendor can't sell, but needs/wants to achieve a certain amount. So it can suggest an element of inflexibility.

I think OIEO only works when the property is being marketed at a very competitive AP which is likely to get a great deal of interest.

If I see OIEO I just take it as a starting point as I do with any other AP. So I would not offer more than I would, all other things being equal, just because a property was listed as OIEO.

GL with your sale. If you feel brave you can post the RM link and you will get feedback on presentation and whether or not your AP is realistic in the current market.

beedeedee

Yes it does put me off I'm afraid and I would just toddle on to the next property on the list.....

highguyuk

We've seen a couple of properties with OIEO and have been totally unsure where to go with it!

In our area, it seems the only EA with this tactic is Express Estate Agency.

harpoboy

Would certainly put me off.

It smells of a vendor open to gazumping.

mummyroysof3

Would put me off unless it still looked like a decent price. I prefer to see a price to put in an offer slightly under rather than over tbh

Nocturnes

I find that phrase a bit confusing! What does it mean really? That a bid of 150k or under is not going to be looked at? Or that 150,001 is the number? If it was a property I was interested in, then I would usually ignore whatever cliches the EA chooses to use, and view anyway. But I would be confused about the asking price on an OIEO. (harpoboy, I just saw your post - I hadn't thought of the gazumping aspect!)

My other pet hate is "Expressions of Interest" (not sure if used much in the UK). Makes me want to email the EA a photo of me staring/frowning intently at the property ad.

Don't get me started on "POA".... !

Good luck with your sale *mudangel*



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hayleymoo

highguyuk wrote: »

We've seen a couple of properties with OIEO and have been totally unsure where to go with it!

In our area, it seems the only EA with this tactic is Express Estate Agency.

This. They also include the tagline on listings - "by making an enquiry on this property you acknowledge that this property is strictly offers in excess of the marketing price provided" - which completely puts me off going to see the properties they market.

OIEO confuses me too - I would also start with an offer I am happy with and what I think the property is worth. OIEO makes me think that the owner wouldn't budge under the asking price so there's no point going to see it. This may be a very black and white view of seeing things, but just being honest about how I feel about OIEO.

Waterlily24

Puts me off too.

We were looking at one which was OIEO £250,000 it is presently STC £330,000 an awful lot of difference.

Fire_Fox

Fine if it is realistic/ competitive based on land registry sold prices (NOT for sale prices). Usually it just means a vendor has an inflated idea of what their property is worth, how fabulous their decor is, or thinks that what they need to achieve to buy a larger house has any bearing on the market value, thinks that what they spent doing the house up to their taste guarantees it is worth the same amount more than they paid.

bluesnake

"Offers in excess of..." Is this a turn-off?
A big turn off, as every property I have seen so far with this was not worth the asking price.I would only ever offer the minimum, why would one offer more than the seller think this it is worth?

"Expressions of Interest" - yes have seen this in the uk, often in desirable, marketable areas where there are quite a few bids floating.