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Offers Over (OIEO)
gazza85
Posts: 45 Forumite
Hi,
We are going to view a property this weekend we really like from the photos and hoping we feel the same once inside! It's currently listed as Offers over 220,000 which is around our top budget atm. It was Originally listed at 230,000 then after a month was reduced to the offers over 220,000. Am i wrong in thinking they're probably trying to achieve 225,000ish?
We are going to view a property this weekend we really like from the photos and hoping we feel the same once inside! It's currently listed as Offers over 220,000 which is around our top budget atm. It was Originally listed at 230,000 then after a month was reduced to the offers over 220,000. Am i wrong in thinking they're probably trying to achieve 225,000ish?
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Comments
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It's hard to second guess what their motivation is for using OIEO.
Sometimes it's because the EA says to the seller "You need to reduce the asking price from £230k to £220k". But the seller doesn't want to.
So they compromise by saying OIEO £220k.
A lot of EAs tell me that a lot of buyers wouldn't take any notice of "OIEO ££220k", and offer under £220k anyway.
But obviously, it's up to the seller what they'll accept.
You can try starting the discussion with the EA with something like "My budget only really stretches to around £210k - is it worth putting in an offer at that level, or would I be wasting my time?"
(Assuming the property is worth at least £210k to you.)0 -
If you think it's worth £220k, and no more, then offer £220k. If they refuse it, then you can't afford/won't pay what they want. Leave the offer on the table.0
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what research have you done to establish a reasonable value against the competition and what other people are paying for properties?0
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OIEO is the newest estate agents jargon to be filed with the old howlers "bijou residence" (matchbox not suitable for cat swinging), "moments from the station" (5 mile hike), "sea glimpses" (stand on top of wardrobe in loft conversion and look between two blocks of flats).
I'd ignore everything written or said by the agent and do your own research.Signature on holiday for two weeks0 -
What have other comparable properties sold for in the area recently?0
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