O.i.e.o & Guide Price

[Honey1975]

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?

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.

Thank you that's very helpful to know.

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

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

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