Offers In Excess Of

Rambosmum

Tiners wrote: »

In my area I've yet to see a property come on at OIEO and actually achieve a successful sale... they always hang around for usually quite a long time and end up selling for less than the original OIEO figure

That's interesting, as in our area, lots come on with a traditional asking price and are snapped up at much over!

saajan_12

The actual price you agree on is a negotiation, so asking prices, however labelled are just guides as to what the seller is looking for. A vendor with a 'straight up' asking price may well be tempted to wait for a few offers above asking price, and similarly a vendor with a 'OIEO' price advertised may take a lower offer to secure a sale earlier / with a preferable buyer.

At best OIEO just means the vendor wants to stick to their guns a bit more so expect to be disappointed if it's already a stretch. However fundamentally, you still should offer what you think it's worth (based on local market, condition etc) and what you can / will pay (affordability and how much you want that property).

Cakeguts

It depends what the value of a house like this is in your area and how fast they sell.

toc25

My house is about to go on the Market for an o.i.e.o price. I didn't ask for it to be put on for that, my estate agent just didn't seem to be able to commit to a value. She gave me two prices 15k apart and said my house was worth somewhere between those prices.

I am am hoping for an offer somewhere in the middle of the two figures. I'm not convinced it's the right thing to do but I felt that I should take the estate agents advice as she is the expert not me. Hope I'm not making a huge mistake after reading this.

LadyL2013

What I've learnt is that is the minimum price they are asking for. It doesn't mean that they won't accept lower though. There's no point having all these fancy terms they all mean the same thing.


It would make life a lot easier if they just had the price they were looking for and left it at that.

toc25

If you put the price you want most people offer less, if you put more than you want to allow for that it can put people off because they think it's out of their budget. That's why I just went along with the estate agents idea. At this point I wouldn't accept lower than the o.i.e.o price but that could change if it doesn't sell for ages.

Lauralou79

In the area I was looking 3 bed semis are selling within days. (Unless they are wrecks) We saw one at OIEO and it ended up to a best offers scenario, we offered over and were outbid. I think it depends on the area and how long it's been up for. It's a pain tho, if a popular property it could end up final bids/bidding war etc

sheff6107

Meaningless phrase. Ignore the OIEO and make the same offer you would have made if it wasn't there.

glasgowdan

sheff6107 wrote: »

Meaningless phrase. Ignore the OIEO and make the same offer you would have made if it wasn't there.

It's often hard for a buyer to calculate what a house is worth though. Asking prices guide them.

In my area most houses are offers over and most sell around 10% over that. Some more and some less. We got 3% over our top end o/o asking price. 4k more than the home report value.

Clutterfree

The house we bought last year was OIEO £350k.
We made an offer of £325k and it was accepted.
It had been on and off the market for about 18 months, though (3 sales fell through).