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Original poster

To think “OEIO” is unclear

22 replies

AliceRR · 22/12/2018 16:24

If a property is on the market for O.I.E.O £300,000 what does that mean??

Does it mean £300,000?

Does it mean £300K is not enough

I don’t see why you just wouldn’t put the minimum price you wish to get. If that’s not £300K then perhaps it’s £310K

We put in an offer on a house on the same street but two doors down. It was on for £289K and we know it went for less than asking but not sure what it sold for.

This house is almost identical but slightly more up to date (it has windows that look relatively new for example)

This house is definitely worth £300K, perhaps up to about £320K, but £300K is about the top of our budget. If they want £320K we might be able to stretch to it but we have a baby on the way in 7 weeks(!) and we wouldn’t have much money for updating the house...

I’m wondering whether it’s already over budget!

On the plus side we have a buyer lined up and I have a feeling this house might be a deceased estate (last one was too) so we might have aowm bargaining power because we are probably ready to go within a couple of weeks...

OP posts:
Original poster
AliceRR · 22/12/2018 16:25

OIEO, even 🙈

OP posts:
CmdrIvanova · 22/12/2018 16:26

England/Wales or Scotland? Think it's different in Scotland. But my house was advertised oieo £315k, we offered 315 and it was accepted (but it had been reduced twice)

GreenTulips · 22/12/2018 16:27

Offer what you think it's worth.

Try £290 and speak to the agents - get a feel for the price and when they expect to move etc

Then make decisions on offering more if you want to

RicStar · 22/12/2018 16:27

It's meaningless just offer what you think it is worth to you / you can afford.

Original poster
AliceRR · 22/12/2018 16:37

It’s in England

DH thinks we should offer £305K because £300K wouldn’t be enough but I don’t see why we should go straight there

If it was on for £300K we might try £290K, for example

especially if the on two doors down went for £275 and was almost identical...

Got so excited when we saw it, was disappointed when I called Estate Agents and they were already closed at 2pm! Although it’s unlikely someone will get in ahead of us over Christmas if they’re closed...

OP posts:
PadawanCat · 22/12/2018 16:39

Usually means that amount is the minimum they will accept. Would offer that amount. Go up in £5k increments if necessary. If you offer an additional £50k upfront, you’re mad.

donkey86 · 22/12/2018 16:42

Our old house was on for offers in excess of £425k. I wasn’t keen on the OIEO format but the agent was insistent that it was the right way to go and that we’d end up getting £435 ish. It didn’t work and we ended up accepting £405.

MrsFezziwig · 22/12/2018 16:47

Offers in excess of. So £300,000.01p should be fine Grin

I think it’s a ridiculous way to sell a house as I’m a great believer in a house only being worth what someone is prepared to pay for it. All this PA “don’t insult us by offering less than a certain amount” won’t really wash when they don’t get any offers for 6 months and end up reducing the price.

bilbodog · 22/12/2018 17:08

OIEO indicates they are trying to get more than 300 but as others have said it doesnt really matter. The house may or may not be worth 300 or over. Sale price, guide price, OIEO - all the same thing at the end of the day!

PadawanCat · 22/12/2018 17:17

It only usually works if the OIEO amount is under what the going rate is.

Original poster
AliceRR · 22/12/2018 17:18

Offers in excess of. So £300,000.01p should be fine grin

Exactly what I thought 😬😂

OP posts:
Rooberoobe · 22/12/2018 17:23

My current house was OIEO when we bought it. Offered 5k less that amount stated, settled on 3k less. We felt it couldn’t hurt offering low, worst they could say was no we want at least X amount. We didn’t tell them we could have in fact met at least 20k over the asking price.

nutbrownhare15 · 22/12/2018 17:26

Our house was OIEO 265k. I was fully intending to offer slightly higher until the estate agent indicated that he was doubtful they would get any excess offers. We offered 250k and they accepted 255k in the end. I don't think you've got anything to lose by offering less, you can always offer more if they say no.

PocketFluff · 22/12/2018 17:28

Our house was advertised like this (OIEO) but it was in a bit of a state and hadn't had much interest (once people had been inside it!) so we offered a fair bit less and they accepted it!

PadawanCat · 22/12/2018 17:47

It does depend though - there was a 4-bed we almost bought a few months ago for OEIO £300k, when similar houses went for £350k. Nothing similar in the area for anything approaching that. Our sale fell through, and it went back on, and I believe the people who bought it paid £310k.
As always, it depends how reasonable the price is in the first place. If they’d have said OEIO £350k, they probably would have got £330-40k.

Original poster
AliceRR · 22/12/2018 22:28

So sounds like it’s not really much different from saying it’s £300K

It has just gone on the market so they might not want to go much lower than that

On the other hand if it is a deceased estate (I’m not sure it is but guessing) then they might want a quick sale

Thanks for the replies

OP posts:
UhUhUhDennis · 22/12/2018 22:31

Offer low be cheeky then work your way up. Don't let the OIEO fool you! If it was up for £300k you'd start low wouldn't you? (You should) everything is open to a haggle! Oh and I'm a mortgage advisor so I am in the business so to speak!

ALoadOfCodswallop · 22/12/2018 23:06

I see the OIEO as being a way to stop people offering way lower than the asking price. When we put our last house on the market at 270 the first offer was for 195! This wasn't us massively over valuing the house either as we sold 2 weeks later for 275. A lot of buy to let landlords and house renovators try to pressure people with quick cash buys for amounts quite far off the asking price. As long as you think the house is worth what you are paying and your offer is in the region of 300 I think they would be willing to negotiate

Original poster
AliceRR · 28/12/2018 12:42

DH and I have been discussing tactics as, basically, there was another house on the same street about 6 months ago (or less) and we loved it. We both considered it the dream house and were really upset that we missed our (due to agent not keeping us up to date and is not being in a position to buy immediately- we didn’t have a buyer then). This house is on the same street, two doors down, so we really don’t want to lose it.

But we could lose it from it being over budget just as easily as for not showing enough interest. I think we could go up to £320K but that’s about our max.

DH thinks we go in with £320K and just be open that we want the house. But house has been on the market for only a week or two (and it’s Christmas) so that could just set them with expectations to get more money.

I think we go in with £300K and if someone else offers more than we can go up to £320K if need be.

Viewings start on 2nd Jan and one other person is viewing then but obviously they might not be as invested in that street as we are!

OP posts:
Original poster
AliceRR · 28/12/2018 12:43

The other thing is the house needs a lot of work (not as much as the other one on the same street but I believe that probably went for about £275) but still needs kitchen, bathroom and fully decorating. If we go in with £320K and they accept then we’ll be wondering if we could have got it for £300K as that £20K could get us a kitchen IYSWIM

OP posts:
GreenTulips · 28/12/2018 13:00

Go cheaper!!!

Offer £285 -then work you way up - much easier than working down

They may need the money
It may be a inheritance
They may have divorced and need a quick sale
They may not want to hang around with Britex looming

Etc etc

Don’t worry about them offer low they’ll expect a low offer to start with anyway

TheTapir · 28/12/2018 13:02

My house was oieo £300k, I got it for £290k. Don't offer more than £300k to start with.

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