estate agent speak, "in excess of"

snickpan

or even "offers over £xxxxxx"
So it's highest bidder? Used to be, put it on the market for a specific price, take an offer.
So if it says "offers in excess of £250,000", where do you start?
Try your luck with £250,000, and hope no-one comes along with £251,000?
Plump for £255,000?

jacko74

Unless it's in Scotland or London I'd completely disregard the 'OIEO' and offer what you feel it's worth... I've yet to see a property in my area sell for an OIEO, they always just hang around on the market until, eventually, the vendors see sense and reduce their price.

stator

It means, "we think the house is worth X, but no-one else does so we've put it on the market at x - 10% and slapped on OIEO to try and convince people to pay more."

Ignore it and offer 10% below, if that's what you think is right price

november

When selling our last house we reduced it in price and put offers over the minimum price we would sell it for in order to get a quick sale (we didn't need to sell and move but wanted to).

So to use the OP's price example had our house been on the market for 'offers over £250,000' we would have, and did, accept the first offer of £250,000.

It did sell straight away when we did this but, importantly I think, the reduction in price/offers over did make it cheaper than other similar properties selling in the area at the time. Not London or Scotland either but it was late last year.

So yes I would start with £250,000 (or whatever the bottom 'offers over' figure is) - providing the house is worth it of course!

robatwork

It means about the same as everything else EAs say.

Just treat the £250,000 as the price and bid accordingly. If you think it's worth 250k, bid that. If it's been on the market a while and not budged, go lower.

csgohan4

If their lips move, they are lying.

PixelPound

You can't take it in isolation, unless you have the cash, don't need a mortgage, and don't care about its actual value.

OIEO usually means the vendor thinks its worth more but the EA has managed to temper their price with an "OIEO" caveat. I'd pay no attention and look at what its worth. If next door sold at the beginning of the year for £210k, then even if the vendor thinks theirs is worth more due to better d!cor or whatever, then a mortgage valuer is unlikely to agree with your offer of £255K.

J_i_m

Things like that in the advert are probably aimed at dissuading prospective buyers going in under the asking price and hence wasting time on a price the vendor is not willing to accept.

Buy yeah.. I'm minded to ignore those to be honest. It's jargon, and especially for a property that's been on the market for a while, two reasons why that'd be.. over priced or hides some serious problems.

Davesnave

It means whatever people think it means, and from the answers above, it means many different things!

There are, very occasionally, properties marketed this way with an apparently reasonable price too, but this is usually where there is a unique selling feature that is hard to value, Someone might, for example, pay through the nose for a house with a garden/field with fishing.

Like auction 'guide prices' pitching low in a case like that encourages bidding wars, and without any risk to the seller.

OIEO isn't used so much near me. It tends to be 'guide price.'
Similarly vague, it doesn't try to rule out offers less than the amount suggested, which is somewhat better.

Browntoa

as a seller on the other side of this , mines hard to value and has various valuations in a range of up to let's say £375000 but it's up for Oieo £350000

I'm not going to sell if people offer below £350000 and I'm looking for a price above that

agrinnall

jacko74 wrote: »

Unless it's in Scotland or London I'd completely disregard the 'OIEO' and offer what you feel it's worth... I've yet to see a property in my area sell for an OIEO, they always just hang around on the market until, eventually, the vendors see sense and reduce their price.

And for the last few years that's what you do in Scotland too, apart from a very few hotspots (parts of Edinburgh and until recently Aberdeen, although the downturn in oil means buying has become a more reasonable activity).