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OIEO

(11 Posts)
HolidayArmadillo Tue 11-Mar-14 06:58:11

If a house is marketed as OIEO is it too cheeky to try and get it under that price?

mrsnec Tue 11-Mar-14 07:17:48

I think it depends on the house. Ours is marketed like that at the moment the ea insisted on it. We have a figure in mind that's the minimum we're prepared to accept which is under that but we know buyers will try and beat us down again after the survey so we need a bit of play for that and there is competition and house prices in the same street vary a lot. So, our example is houses in the same area are going from 45k to 150k ours is oieo 90k so we just accepted 92k which is what we paid for it.

JuniperTisane Tue 11-Mar-14 07:21:26

We bought ours in 2007 for £10k less than the oieo price, but it had already had one sale fall through, and the divorcing couple were getting desperate to just sell and move on.

mrsnec Tue 11-Mar-14 07:33:57

I think it's just the done things these days to chance your arm. We. Had some ridiculous offers and of course we told them what they could do with them but it's just what people do. All negotiations have to start somewhere don't they and as it's been done to me I now wouldn't hesitate in going in way under.

HolidayArmadillo Tue 11-Mar-14 07:59:27

This is promising. The OIEO price is too high for us but 7-10k under brings it into our possible price range, I know they don't have to accept (haven't even viewed the house yet as not quite there yet, but it has been on the market for ages) but it's good to hear about times when an offer under the OIEO price hasn't resulted in folk being excommunicated by the estate agents!

mrsnec Tue 11-Mar-14 08:06:05

I think the ea favour the buyers definitely and I was told that by law they have to tell the sellers every offer. I might add the market is in the toilet where our house is although my family would beg to differ as they think what's happening in the south is the benchmark for the entire country, so it may depend on the area, buts just see what happens. If the ea doesn't think you've got a chance they should tell you and suggest you view somewhere else.

Choccywoccydodah Tue 11-Mar-14 08:13:34

Our last house was listed as 'offers over'. Had been on the market for 10 months (we lived away at the time, we thought is was way under priced and would be gone by the time we moved back). Anyway, they dropped it £10k, still listed as offers over though. So we tried our luck, and ended up getting it for £5k UNDER.
Turns out it was actually listed too cheap hence people weren't looking at it (I know that sounds odd, but makes sense!). Turns out the day we completed it was going to be repossessed the next day!
Worth a go offering what you want to offer IMO, they can only say no grin

Choccywoccydodah Tue 11-Mar-14 08:15:00

And re offers, yes the ea have to put every offer forward by law to a point. If the vendor has specifically said not to accept any offered under £x, the ea does not have to put the offer forward and can reject it straight away.

HolidayArmadillo Tue 11-Mar-14 08:21:16

We're in the NE so the market is nothing like the bonkers SE, you can still get a 4 bed semi for under 170k in a good area.

mrsnec Tue 11-Mar-14 08:27:32

Our house is in the west midlands and is a 3 bed semi. We don't live in it and I think the ea thinks we're desperate to sell which is why we get told all the silly offers. House prices vary so much in our area they don't even know it's true market value. You don't know the vendors situation which is why its worth a try. We've been offered half what its worth before!

Sunnyshores Tue 11-Mar-14 14:04:02

EA persuaded us to list as OIEO, they knew the min we would accept was £20k more than that. Funny then when EA got an offer £25k under OIEO (ie £50k off our minimum) he suddenly thought it was an incredible offer and got really arsey when we refused. Gotta wonder who the EA works for...

Sorry, rant over. SO in your position I'd offer whatever you feel is right, OIEO means nothing to an EA.

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