O.i.e.o & Guide Price

(6 Posts)
Honey1975 Mon 13-Mar-17 20:24:30

Has anyone used these when marketing your property.
It looks like we might have to reduce our asking price by 15k so as not to lose a house we want, but we really can't go lower than the new asking price. Thinking of saying offers in excess of.
Has anyone used this successfully?

Usernamewithnodigits Mon 13-Mar-17 20:45:23

We advertised ours initially at guide price of £850k. We got no interest at all so then reduced it to OIRO £825K. Still no interest so reduced to OIEO £800.

Upon that last manouvre we were inundated. Viewers knew what the lowest acceptable figure would be on our part.

I was worried that OIEO would show we were inflexible & unwilling to negotiate but in fact the opposite happened & I was pleasantly surprised. We accepted an offer of £815k as a cash purchase.

As a buyer I don't particularly like OIEO for the reasons mentioned above but I understand now why it's done.

Honey1975 Mon 13-Mar-17 20:46:37

Thank you that's very helpful to know.

JoJoSM2 Mon 13-Mar-17 21:23:50

OIEO sounds like a good plan - you might attract more buyers and sell faster.

ThereIsNoSuchThingAsRoadTax Mon 13-Mar-17 23:41:05

OIEO makes me want to offer about 15% before asking price.

ThereIsNoSuchThingAsRoadTax Mon 13-Mar-17 23:41:31

*below

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