'OIEO' - Ignore? Is it a sign a seller believes their house to be worth more than it truly is?

TheJP

It gives you an indication of what type of seller you could be dealing with and it gives you an indication of the likely lowest price they want for the house. Majority of the time OIEO is just a ploy in hoping someone will offer more.

I marketed my house as OIRO as i could take lower than the listed price but had good reason that it could go higher, the price was a guide for those interested. It sold on the first day slightly over the price listed.

NervyBuyer

It could be that they don't really want to sell that much but will for the right price. In July I viewed a house in an area where they are selling very quickly (in that price range anyway). It had already been reduced from 280 to 260. So far it's the only house I've viewed where the agent rang to see if I was interested afterwards (the others are all getting offers too quickly to need pursuing). I enquired what OIEO really meant, they said there's no point making an offer below 260 as it will be turned down. I'd have offered 240 which I think is fair relative to other properties. The house is still on the market at the same price today. The vendor told me when I looked round that she was going travelling. I expect she'll just stay in the house til someone buys it at the price she wants. 

Hoenir

lookstraightahead said:

Total sales patter. I'm not even sure vendors understand how irritated potential purchasers get when they see this. I either ignore it completely, it ignore the house completely.

Just offer what you want to offer. If they refuse, be prepared to walk away.

It's to try to encourage a bidding war, which tbh ain't happening in the current climate. 

Or to avoid the time wasters that view the property for sale endless times. Then make a low ball offer. Justifying their offers with the amount they need to spend on the property to personalise it to their own tastes. 

youth_leader

The EA had trouble valuing my house as it was a unique build. We started at £500K for six months, then dropped to £450K. 

I did get an offer of £395K at this price.  The buyer withdrew weeks later, he wasn't able to prove his funds, he wasn't a cash buyer as he had a £750K house to sell.

I changed EA and the valuer said the house was only worth what a person would pay for it.  She knew I'd been on the market for £500K originally and I did tell her I'd had an offer £55K under when listed at £450K. 

She thought the house was worth £450K, but recommend I go on at OIRO £400K.

A cash buyer offered £355K.  I decided to accept as I'd had eighteen months of disruption/cleaning/going out with the dog during the viewings.  Unfortunately he withdrew by email late one night.

I ended up going to auction, which I will always regret.  I should have waited for 'the one'.

RHemmings

Hoenir said:

lookstraightahead said:

Total sales patter. I'm not even sure vendors understand how irritated potential purchasers get when they see this. I either ignore it completely, it ignore the house completely.

Just offer what you want to offer. If they refuse, be prepared to walk away.

It's to try to encourage a bidding war, which tbh ain't happening in the current climate. 

Or to avoid the time wasters that view the property for sale endless times. Then make a low ball offer. Justifying their offers with the amount they need to spend on the property to personalise it to their own tastes. 

How will OIEO avoid that? As is clear in this thread, people ignore it. 

lookstraightahead

Hoenir said:

lookstraightahead said:

Total sales patter. I'm not even sure vendors understand how irritated potential purchasers get when they see this. I either ignore it completely, it ignore the house completely.

Just offer what you want to offer. If they refuse, be prepared to walk away.

It's to try to encourage a bidding war, which tbh ain't happening in the current climate. 

Or to avoid the time wasters that view the property for sale endless times. Then make a low ball offer. Justifying their offers with the amount they need to spend on the property to personalise it to their own tastes. 

No one takes it seriously. Then there's also the vendors who are the timewasters who don't really want to move anyway. Tbh it's all a bit of a game, make your offer and walk away if it's not accepted. Life is so much easier that way.