Offers in excess of...

[puggymummy1]

When you see a house with OIEO what does this mean to you? Do you think that the vendor doesn't want to mess about and wants to achieve that price or something else?

Discourages stupid offers and encourages bidding premium. Fair enough.

I think it's fair enough - shows the minimum price they are willing to accept.

Yes, it's the minimum price. I sold a house at oieo £90k and got £94 for it. One of the reasons for the pricing strategy was because of the bands on Rightmove.

No its ridiculous DD flat oieo X They accepted £10,000 less

It's BS in my experience. I bought an oiei places for quite a bit less than the supposed minimum price.

It depends on how realistic the OIEO price is really.

In my experience, it's like a little warning flag saying 'unreasonable vendor who think their house is worth much more than it is'. Because I only ever see it used around here on overpriced houses.

However, if the house were sensibly priced, I'd think that was what they wanted. I wouldn't offer more than the figure quoted generally though (unless there was a bidding war, but again OIEO doesn't seem to be applied to bidding war candidates around here).

We sold using OIEO 2 years ago. The EA advised that we do this and I was really sceptical. She showed me data on Rightmove banding and convinced me to try.

We got £10k more than the OIEO price within a few weeks. The EA just told everyone viewing 'they will only accept OIEO' but the house was realistically priced so I dare say that had something to do with it working for us.

Seems pretty normal to me but that's because pretty much all houses up here are sold on this basis (Scotland) but it's fair because it's closed bids and everyone has access to the home report and valuation.

In the East London market, I wasn't convinced it meant anything, just some words to got with a guide price that the vendor is hoping will be exceeded (and all vendors hoped their asking price will be exceeded). The market determines if that is the reality or not. Sometimes it indicated a unmotivated seller, who will only sell if they get a certain amount - normally you could spot these properties by condition and the fact they had been on the market for a while.

So in summary, if the house is in great condition and the price is realistic and the OIEO price helps with Rightmove banding it should be acceptable and not off putting?

We've found it to mean absolutely nothing. Offer what you think the house is actually worth.