Bidding lower on an oieo house

youth_leader

Good luck.  My house was advertised as OIEO and I got much lower offers not in the region at all!  

Greymug

Stixalot said:

Hi all i was just wondering if i can get some advice from more experienced heads, I'm a first time buyer and currently scouting out houses up to a value of 425k as my absolute maximum. However pickings are quite slim in my area around this price point and most decent 4 bed houses which would suit my family ideally all seem to have tags of 450k oieo, when it comes to these houses is this oieo a sticking point with homeowner or something that the estate agent recommends that they do? its just I don't want to try a lucky bid on a property as i feel it doesnt meet the valuation listed and be laughed out of the office! any advice and experience on this situation would be very welcome.

If houses in your area are scarce and cost 25k more than you can afford, maybe you should look at moving to a more affordable area.

Crashy_Time

Transactions dropped significantly at the end of the SDH, there will always be someone open to a lower offer.

mcpitman

Crashy_Time said:

Transactions dropped significantly at the end of the SDH, there will always be someone open to a lower offer.

What end to SD relief? that is at the end of Sept.

jimbog

FaceHead said:

Saying 'I like your house, but it's only worth 425 to me' makes the vendor think 'if that's what this guy thinks it's worth, perhaps I should to take it'.  

I wouldn't sell a house for a price just because a prospective the buyer felt it was only worth that price 

lookstraightahead

OIEO is a joke. Just ignore it.

offer what you can afford (as you have done) and move on if everyone keeps playing this silly game.

Who values at OIEO 🙄

lookstraightahead

jimbog said:

FaceHead said:

Saying 'I like your house, but it's only worth 425 to me' makes the vendor think 'if that's what this guy thinks it's worth, perhaps I should to take it'.  

I wouldn't sell a house for a price just because a prospective the buyer felt it was only worth that price 

Well someone's making valuations up out of thin air, why not the buyer? After all, they're the ones who have the money.

BikingBud

jimbog said:

FaceHead said:

Saying 'I like your house, but it's only worth 425 to me' makes the vendor think 'if that's what this guy thinks it's worth, perhaps I should to take it'.  

I wouldn't sell a house for a price just because a prospective the buyer felt it was only worth that price 

For how long and until what point? When would you reconsider? 4 weeks? 8 weeks? 4 months? 8 months?

There are a lot of deluded buyers that consider their house is worth much more than others are prepared to pay.

Countrysider

BikingBud said:

For how long and until what point? When would you reconsider? 4 weeks? 8 weeks? 4 months? 8 months?

There are a lot of deluded buyers that consider their house is worth much more than others are prepared to pay.

The £5 reduction on 30/03/21 is hilarious. Perhaps they thought it would push their house to the top of the rightmove search results following the £500K stamp duty holiday extension?

Nice try, but it looks like they had to get more aggressive with their price cuts 5 months later. I do wonder if they would have accepted an offer of £467K on 30/03/21 or if they needed the extra 5 months to be prepared to go that much lower?

LAD917

I've bought OIEO properties for ~5% under the OIEO price.

OIEO often indicates a stubborn seller who thinks their property is worth more than the estate agent does.  It's listed as OIEO as an attempt to appease the seller, but still get some foot traffic.

After a period of time, the agent convinces the seller that the OIEO price is the "ask" price, and the deal price is some distance below that price.

I wouldn't bother offering low on an OIEO property within the first four weeks.  After that, you might try and see.  In my most recent case, I was the third offer after a few months, and I think the sellers realised they weren't going to get any better - at least not from proceedable buyers.