OIRO...help

[redsonia14]

Found a house we like new to market with OIRO £215,000 where do we start with bidding? Got no idea, do people still go 10% under?

Offer what you think is a fair value and what you are prepared to pay for the property. OIRO could be someone chancing it on a property worth less or it could be a way of attracting interest on a property that will go for 10% over the price...

Go into rightmove and have a look at what other, similar properties sold for.
If you offer too low and they reject it, go a bit higher. Just don't go too high. You don't want to struggle with the mortgage.

OIRO suggests the seller doesn't want to receive cheeky offers. I don't think it is limited to the two circumstances JoJo lists. But a house is worth what someone will pay for it, so do your research.

and remember there is a good chance that interest rates will start going up within the next year or two.

I take all these OIEO, OIRO, ONO etc with a pinch of salt. I think theyre 'clever' EAs ways of saying the same thing and they are all just prices to be negotiated.

Perosnally Id offer 10% below what you think its worth. Youll be told if its too low and youll be able to offer again if you want to.