OIEO and instructing solicitors

sunflowers123

I sold my house a couple of days ago and am due a second viewing of a house on Saturday. It is sold as OIEO. What do the vendors actually mean/want? Would they be offended to receive an offer less than this, are they chancing their arm or have the estate agents put that there to puzzle us? I appreciate the house is worth whatever we are willing to pay for it but just wish they priced it for a set figure.

Also the estate agents who!!!8217;ve sold our house are pressurising me to instruct solicitors to deal with the sale. I said I wouldnt be doing this until I!!!8217;d found somewhere to buy because I need the money from the sale for the deposit, and she seemed quite surprised by my response. Am I being unreasonable or is it the norm?

Thanks in advance.

AnotherJoe

I very much doubt you sold your house a couple of days ago. In fact from your later words, I'm sure you haven't.

You mean you have accepted an offer. That is not the same by a very long way !

Your buyers in the meantime, can go and "buy" another house whilst you look for yours and certainly should be looking for one since there seems to be no indication you will actually move.

OIEO should have a precise meaning, if you offer £1 more they should accept it. Whether they do, is not known until you offer that. If you think its worth less you can try and they may or may not accept. If they only put it on the market yesterday, they probably wont, if its been for sale for a year they might, or they might have unrealistic views on what its worth, or they may simply need or want that much for a variety of reasons and not accept an offer until they get on "IE".

Many people wont instruct their solicitors until the chain is complete, so I'm surprised your EA is surprised.

sunflowers123

AnotherJoe wrote: »

I very much doubt you sold your house a couple of days ago. In fact from your later words, I'm sure you haven't.

You mean you have accepted an offer. That is not the same by a very long way !

Your buyers in the meantime, can go and "buy" another house whilst you look for yours and certainly should be looking for one since there seems to be no indication you will actually move.

OIEO should have a precise meaning, if you offer £1 more they should accept it. Whether they do, is not known until you offer that. If you think its worth less you can try and they may or may not accept. If they only put it on the market yesterday, they probably wont, if its been for sale for a year they might, or they might have unrealistic views on what its worth, or they may simply need or want that much for a variety of reasons and not accept an offer until they get on "IE".

Many people wont instruct their solicitors until the chain is complete, so I'm surprised your EA is surprised.

Sorry, my mistake. I accepted an offer on my house and the prospective purchaser is fully aware I have not found a house yet and am unwilling to move into rented accommodation.

Thanks for your advice.

eddddy

Regarding the solicitor...

Perhaps the best approach is to select and instruct your solicitor - but tell the solicitors not to proceed with any chargeable work at this stage (until you've found a place to buy).

Then the EA can pass your solicitors details to your buyer. It will be a small indicator to the buyer that you seem to be serious about selling.

YoungBlueEyes

In theory you can offer them whatever you want to pay for it/however much you can afford. They might have stated OIEO because that's the minimum they'll accept as they need that amount for their next place.

A friend of mine's parents have their house on the market - OIEO £300k. They've turned down a few offers, one that was £285k, because they need the full £300k for house they have their eye on.

Perhaps in this case too the sellers literally mean OIEO. But you'll only find out by trying...