O.I.R.O

[mum22boys83]

Hey all!

In the region off ?
Any one on the market give me an idea how this works?

It's been on a month, I was first to view it,

How would they have valued this ?
I hate oiro as no idea the variation. I don't think it's worth the asking price personally I'd be around 25 k less! Fetches it in line with selling on that road and it's nothing special to make it stand out.

Just curious
TIA

Speak to the estate agent and find out if they have any other interested parties. Assuming they dont then make an offer. Sounds like the owner is expecting around the sale price but this doesnt mean its worth it - particularly if other properties in the area have gone for less.

Next door sold Feb sold for 20 k less
May do.
Thank you

Exactly same house if not better ( to my taste anyway)

Yeah, I'm not too keen on OIRO either. Just offer what you think it's worth I say. I always think they're expecting higher than the quoted price though.

Thank you, wasn't sure if the figure was mid guide price range or expecting higher.

I'd say just offer whatever you think it's worth.

Not too keen on OIRO it's all a bit vague at times.

We were trying to view a property on for £325k, once I got chatting with the agent she was a bit like, you do realise they are looking for at least £340k?

I said well why isn't the asking price more in line with that? agent said well, it's OIRO

WTF...we just left it and never did the viewing

Offer what YOU think it is worth, never mind the vendors/estate agents/neighbours etc

Everyone seems to be trying their luck right now, you should too!

Good luck

It's utter madness!

If they are expecting more I can see houses in that price bracket with en suites, extension not conversions and better garden positions!
Sadly that's out of my budget as you said also.
I know the vendor is going up in house size and he liked the sound of his own voice so obviously very confident!

Definitely punching above if expecting more!

Thank you

i put ours on for 435 oiro and accepted 440. it was a bouyant market. house in popular area. fully researched price beforehand and got asking price offers same day
i felt it gave a bit of leeway either way.

oiro is something ea's put to appease unrealistic sellers so buyers view it thinking it'd be below the oiro price (so the vendor is happy they're getting viewings) but when the lower offer comes in, the vendor rejects it as the ea hasn't explained the reality.

everyone's time is wasted except the ea's. i steer clear of oiro's.

I never know what oiro means the vendor wants - surely all vendors will consider "offers in the region of" the stated price? So to me it adds nothing to just saying £Xk.

And "offers in excess of" generally means (round here) an unrealistic vendor who thinks they can set a minimum price for their house.

I treat OIRO, guide price, offers in excess of, fixed price all in the same way - I work out what I think it is worth and then make an opening offer somewhat below that. They can only say no!

Doesn't really matter how they've named the price, or even what their price is.

You're going to offer what you think it's worth to you, they're going to accept, decline, or do a bit of negotiating.

I really don't see what's complicated about that.

i did oiro to try and send the message that i expected offers around the asking price, not 20k lower. and thats what i got.

what bamboozles me is the ones in the new area i am moving to which are 400 to 420 or 450 to 475. who is going to offer between those values?

I agree it's to appease greedy/unrealistic vendors and get people through the door.

I just ask the etate agent directly what they want so I don't waste everyone's time viewing it if it's more than we would pay.

Thank you.

I know he's wanting a bigger home and I do think he's wanting way more than it's worth to get it.

Its my 1st house hunt and I'm just learning the ropes so I really appreciate all the replies.

I don't even think I will bother, we were considering a 2nd look but I'm not overly in love with it, it's more the practicalities work.

4 beds are snapped up and this is still on.

This is why
Cheers everyone