Offers in the Region of.

Lespaul1960

Hi, I am just interested to know what other peoples perception of this phrase  is ,when used on a Rightmove listing. I have always taken it to mean that they are willing to be flexible on price, in a downward direction ! Or does it really mean they want more than the posted price?   I am well aware that a house is worth what somebody is prepared to pay for it. I am not referring to any particular house, but am just interested in others opinions. many thanks Paul..

kasqueak

For me, say it was up at ‘offers in the region of 200k’ - I would interpret it as ideally they’re looking for 200k but may be open to offers slightly below. They may ‘need’ at least 200k for an onward purchase or to clear a mortgage. 

Whereas if somewhere was up for ‘offers in excess of 200k’ - I would take it as 200k would be the absolute lowest they’d accept. 

If it was advertised as a straight 200k then I’d say they’d probably hoping for around 190k and aren’t really expecting the full asking price. 

AdrianC

"OIRO £200k" means "We'd like somewhere around £200k"
...which is exactly what a straight "£200k" says.

greatcrested

The various terms are all irrelevant.

You offer what you think the property is worth and what you are willing to pay (or slightly less).

The seller accepts, rejects, or counter-offers.

Scotbot

I generally take OIRO to mean there is room to make an offer but I agree you may as well say 200k as people will still try to negotiate. 

Hannimal

I treat all the different wordings (offers in excess of, in region of etc etc) the same. It's the asking price. 

AskAsk

it means near enough to that figure, whether it be below or above.  you can still offer a lot less if you want and get rejected or accepted if you are lucky.

fishfingerbutties

I don't take it to mean anything and ignore OIRO / OIEO. It has zero legal meaning and therefore if I liked the property I would offer what I thought it was worth to me - including if it was under the number. 

You can interpret how you like, but it doesn't change the fact it has no meaning whatsoever.

strawb_shortcake

A lot of the houses by us all seem to be guide price now. One of our neighbours has just gone on for £270k guide price which beats the ceiling price in our street by £25k. I'll be interested to see what it goes for as ours has some added selling points but needs some refreshment on the inside. 

Lespaul1960

Thanks for your thoughts, it seems we all agree it means asking price or less.