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

prowla

I would view OIEO as the asking price, and therefore offer less.

artbaron

I wouldn't even read the ad. OIEO is a bizarre concept and gives out all the wrong impressions.

Mobeer

"offers in excess of" is meaningless to me - I would take your action as having been a drop in the asking price only

neas

Agree with above posters. Suggests inflexibility of price.

Here is a property bee extract showing the logic behind them:

02 November 2012

Price changed: £124,950 Offers in Excess of £120,000

18 October 2012

Price changed: from '£127,500' to '£124,950'

18 September 2012

Initial entry found.

Basically wanted 127.5k didn't shift for months and has put to OIEO 120k.... It does'n't mean it is worth 120k at all. The property was bought for 112k in 2007 (peak of market) so here its a case of seller wants too much andwill be waiting a while.

I don't like OIEO because it makes vendor look non-negotiable (expect between 5-10% discount always). On OIEO propeties i treat them the same as normal listed houses (offer less than the OIEO value).

geoffky

I just think it is delusional sellers who do not understand the housing market..

Excited13

It is terms like that and and fixed price always make me think the sellers are inflexible. This is my POV but there are plenty of properties in my area that are advertised like this.

Good luck selling and hopefully it will pick up as we get into "summer."

motherofstudents

Not everyone who is selling is as expert as MSE readers, if the EA suggests OIEO, they will give it a try and not think it will put people off. It makes me want to offer much less.

Ivana_Tinkle

I think it's confusing for most buyers, and that in itself puts them off. They don't know where they stand and it's a bit scary. They'd look at all the other houses on the market in that area first.

I don't think it tells you anything in particular about the seller. It's just a bit of a rubbish tactic - do a search and you'll see how many threads there are on here where someone likes a house advertised as OIEO but has no idea how to make an offer on it.

cayennepepper

I would take no notice and still only offer what I think is worth.
But I can see why it could put some people off...

clockworks_2

It does put me off. I don't actually understand want it means. It would put me off as I was to make an offer that was close to but under the offers in excess of off would it not be looked at, annoy sellers etc.