Oieo

pegtop2

does anyone else feel as irritated as me at the increasing trend for Agents to advertise a property at a price and then add "Or In Excess Of". What's the point? PLEASE can someone explain.

Frankly it puts me, a potential buyer off, as it would seem that the vendor is not open to reasonable offers and until the contract is signed would be ready to accept a higher offer if it were to come along.

Incidentally the property that I am interested in has been on the market for about 2 years. Could it be that others are put off by the O.I.E.O.

abaxas

I agree, but maybe the vendor required a certain price or cant move? Ie outstanding mortgage + 2nd charges etc etc.

MrDT

I think it means 'offers in excess of'. What these sellers don't seem to get is that an asking price is just that, an ideal for them. If they're asking for offers in excess of 200k, when buyers would only be willing to pay 160k, what's the house really worth?

'Offers in excess of x' ads on't put me off instantly, I'd put a lower offer in if I liked the house but thought it overpriced. If the vendor really won't accept offers under the artificially high threshold they've set, it's simple - no sale (as is the case with the house you've seen that still hasn't sold in 2 years).

A mate of mine bought a house in November 07, it was advertised as offers over 100k. He offered 70k, they finally came to an agreement of 80k. He may have bought at the peak, but he got a good deal and a competitive mortgage, so hopefully he'll be ok

I think 'oieo' is the sign of a chancer (especially in todays climate), I just ignore it tbh.

edit - chancer may have been a bit harsh, abaxas makes a good point about the vendor having a limit they can't go under. it still wouldn't coerce me into offering more than a house was worth though, it's up to the vendor what they do with the offer.

puddy

yes, it wouldnt put me off, and i would also put in an offer lower if i felt i should

i also cant stand it when people write 'fixed price'.

clobber_2

"Fixed price" is a scottish thing though isn't it?

OIEO might work in a rising market with an astonishing property that you will get so much interest in you go to sealed bids, but at the moment it just says "Don't bother looking cos I won't accept your offer".

chickmug

pegtop2 wrote: »

does anyone else feel as irritated as me at the increasing trend for Agents to advertise a property at a price and then add "Or In Excess Of". What's the point? PLEASE can someone explain.

Frankly it puts me, a potential buyer off, as it would seem that the vendor is not open to reasonable offers and until the contract is signed would be ready to accept a higher offer if it were to come along.

Incidentally the property that I am interested in has been on the market for about 2 years. Could it be that others are put off by the O.I.E.O.

As an EA I can tell you I do NOT like these terms being used and that 100% of the time we do is when the seller insisits on it. So you need to be aware it perhaps is not the agents doing!

mishmash

I have seen this quite a bit with houses that have been on the market for a very long time.

I am seeing more and more houses going up as OITRO, which I think means thay are prepared to accept lower; but I'm not sure (or how much lower to start at).

Mish

pegtop2

One further interesting thing about the property that has been on the market for two years. The vendor has now knocked off £6K but still insists OIEO.

The property was overpriced two years ago and is still overpriced now. It needs a lot of work and has no garage.

neas

offer in excess off !!!!es me off... ruins the buyer/seller relationship from day 1. basically i'd be a cheeky !!!!!!! and put offer under 150k reply to them back :P.

Nenen

chickmug wrote: »

As an EA I can tell you I do NOT like these terms being used and that 100% of the time we do is when the seller insisits on it. So you need to be aware it perhaps is not the agents doing!

Glad to hear your agency doesn't like using the OIEO Chickmug but IME it depends on the EA. In my area there is one particular EA who uses this phrase so frequently I really can't believe it is just the sellers insisting on it!

I've noticed a lot of houses round here that have been on the market for months going from being advertised at £x to being advertised at offers OIEO £x-5,000! I assume this means that the vendors will not consider offers less than £4,999 under their original asking price, despite being on the market for months.... so obviously worth nowhere near that!

chickmug

Nenen wrote: »

Glad to hear your agency doesn't like using the OIEO Chickmug but IME it depends on the EA. In my area there is one particular EA who uses this phrase so frequently I really can't believe it is just the sellers insisting on it!

I've noticed a lot of houses round here that have been on the market for months going from being advertised at £x to being advertised at offers OIEO £x-5,000! I assume this means that the vendors will not consider offers less than £4,999 under their original asking price, despite being on the market for months.... so obviously worth nowhere near that!

I suspect it is a regional thing. Also depending on the strength of advice being given by the EA. I may be one but I have little time for most EA's I know. Also bear in mind as others have, or will, say nearly all sellers will listen to all offers. I have had customers who insist on putting strictly NO offers on the details. But who did take a lower offer.