OIEO In Scotland - anyone know what they are expecting?

[RJnomore1]

I'm going to look at a property which is on the market as OIEO. I've seen that in the last few years but not sure where they're pitching. The OIEO price is full home report value; is it shoeing that's what they expect unlike fixed price where people try to undercut and think you're a bit desperate?

Showing. Not shoeing. 👠

TBH probably need to know which area you're looking in - some areas consistently operate above valuation, others it would be unusual to go over... have you asked your solicitor/estate agent about it?

I haven't yet. We don't have an estate agent TBH as we are looking for an additional property not to sell. I do have an estate agent friend who advised on a previous house we saw, it was offers over an amount £25k under the home report value and went for a good bit over home report value, however it really wasn't worth it and the estate agent selling it had whipped a few people into a frenzy. Meanwhile some others locally sit for a relatively long time or get reduced.

I was reLly just wondering if anyone knows the difference in expectation between an offers over and an OIEO?

I wouldn’t think there was one (am in Scotland), I’d just think it was different ways of saying the same thing. The amount relative to the home report is more indicative, I’d say. If they’re putting OIEO the home report my perception would be that they actually do want that as a minimum and don’t want time wasters traipsing round the house, whereas an initial offers over/OIEO well under the home report would suggest to me that they’re trying to whip up competition. Where are you looking?

Ayrshire finger. TBH if I like the house I'd quite happily go home report on it maybe a couple of grand more as a gesture but I'm not getting into paying more than it's worth in a panic. We don't need to move we are in a very good position really.

Btw your user name, I loved that programme when I was tiny!

As an Ayrshire estate agent im very interrelated in this thread...

Where I am (small costal town) you don’t have to offer x over the guide price. Pre crash you typically had to offer at least 10% over to be in with half a chance, those days are long gone. Remember the home report value is the property in it’s current condition, so don’t say it needs work so I’m going to offer you £3k less, as that work has been taken into account and essentially you’re asking the seller to pay for it twice.

Ultimately you can offer whatever you want, OIEO or otherwise. Sometimes the seller will be happy to wait for the price they want and others they want a sale and will negotiate.where I am properties are selling at or around (either above or below) home report value. 20miles up the road they are going well over.

I know ice, I hesitated putting the area as I'd need to becreally specific for it to be useful, down to the area of the town as it's such a mixed market. It's definitely not where your agency is though from your description.

I'll go see what we think and Mibbe try a bit if negotiation from there if we like it.

I don't understand selling over home report as a regular thing!

In south of Scotland ours was OIEO 185, they accepted 182. They did reject the first offer of less though.

Thanks loose that helps a lot

With the company I work for the only time they go over home report value is if there’s a lot of interest and we go to a closing date. Certainly not a regular occurrence for us but in areas of high demand it’s a common occurrence.

I imagine oieo and offers over mean the same thing. And it's all very well sayung that on the listing but you can stop choose to ignore. I'm North East Scotland and we bought our house 2 years ago. The home report was 260k, they listed it as offers over 245k we put our first bid in at 220k. They came back and said if we offer 240k it's ours. So we did. So the "offers over" didn't meant much!