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Offers in excess of ...?

(19 Posts)
CuthbertDibble Thu 05-Jun-14 06:53:10

If it says this on the estate agent's blurb, would you offer more or would you start below the asking price?

Bowlersarm Thu 05-Jun-14 06:55:09

Depends where I was, and how popular the property is.

FishWithABicycle Thu 05-Jun-14 07:05:53

When we were selling and switched agents they recommended this wording. Theoretically it is to discourage offers below the asking price. You're at liberty to put in any offer you like, and they are at liberty to decline it if they think it's not enough, same as for any other property.

CuthbertDibble Thu 05-Jun-14 07:11:43

Can't afford to offer more, it's already a little over our maximum budget.

We're in a really good position, so I guess we just wait and see.

SlipperyLizard Thu 05-Jun-14 14:19:06

Definitely depends on the market and the vendor, we got our house for 270k when it had been on at oieo 300. Offer what you are happy to pay - the worst that will happen is they say no.

CuthbertDibble Thu 05-Jun-14 19:25:51

They said no sad

Oh well, hopefully we'll have better luck soon.

Bowlersarm Thu 05-Jun-14 19:59:03

Bad luck.

Can you go up or did you offer your maximum?

CuthbertDibble Thu 05-Jun-14 20:19:13

We could increase by about £5k but they want a minimum of £12-15k more. We just can't go that high.

Bowlersarm Thu 05-Jun-14 20:22:39

I'd go up the extra £5,000 and see what they say. With a firm offer they may be tempted. Do you know how much interest there is in it, and what the owners situation is?

Casey123 Thu 05-Jun-14 20:25:13

If you let them no its your best and final offer, they may re-think. Again, the worst that can happen is a no.

LilyBobtail Thu 05-Jun-14 21:54:29

I hate OIEO it just seems really grabby.

FishWithABicycle Thu 05-Jun-14 23:05:32

Lily grabby is an appropriate criticism when used of wedding invitations, babyshowers etc when someone is trying to get gifts out of their friends. It's a ridiculous criticism for a financial negotiation when everyone who isn't completely insane is obviously trying to get the best deal they can for themselves. If it's grabby to do that then the only way not to be grabby is to opt out of living in a capitalist society and live in a yurt in a welsh commune or something.

Pipbin Thu 05-Jun-14 23:06:14

I sold my last house with OIEO. I did it because I knew the minimum I could afford to take and set the OIEO price at that. Personally I hate the regular system. 'I'm going to say £200k but actually I'll sell it to you for £180k but I'm not going to tell you that'. OIEO is more honest 'the minimum I'm willing to take is £200k'.

unrealhousewife Fri 06-Jun-14 07:46:13

It's only there to encourage competition.

Hooliesmoolies Fri 06-Jun-14 09:22:30

One of the houses near me recently reduced their asking price by £70k (less than 10% mind you), and they now have an 'offers over' price. It seems a little pointless to me because what they seem to really be saying is pay us £x.

Beaverfeaver2 Fri 06-Jun-14 21:55:57

I agree with likybobtail.

It puts me off and I totally ignore oieo.

lessonsintightropes Fri 06-Jun-14 22:18:51

The house we are buying had been on the market for four weeks with OIEO of 550, and we'd ruled it out as our max budget is 500. The EA phoned me (another branch of the agency we are selling through) and encouraged us to see it as he thought that selling price for the vendors (having been there for 20 plus years, although having just done a beautiful renovation job to sell it) was too high, and that they would persuade the vendors were realistic. They accepted our 50k under OIEO offer - but this is in SE London, where people are really trying it on at the moment.

We would never have gone to view it as it was so much over budget unless the agent had persuaded us so hard and taken to a one on one viewing as opposed to an open day.

I would keep firm at your top of budget OP and see if they come back to you - keep the door open.

lessonsintightropes Fri 06-Jun-14 22:20:36

Vendors to be realistic, sorry.

justabigdisco Sat 07-Jun-14 13:37:58

We asked our EA about putting our house as OIEO as we hadn't had an offer which met our minimum. They said don't bother, as people will still offer below the OIEO price.

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