"Offers in excess of"

[jamtart30]

Our agent has said there's no point marketing our house this way. Is that true? For us, we need a minimum figure at least of £800k. If we put it on at 800 we'd likely get offers of 750-780. Do people really ignore the oieo part?

If you literally will not accept a penny below £800k then yes, I would either put it as OIEO or at a fixed price, with the EA making it clear to prospective viewers that you will not accept offers.

Otherwise, as you say, you’re going to have people viewing who are not willing to pay what you need or who can’t afford to pay that & are expecting to knock you down 10% or so. Waste of everyone’s time.

I hated “OIEO” when we were looking. I’m not psychic, and have no idea what you’re looking for. List it at what you think it’s worth and see the interest.

Our current area is very active. One house we put an asking price offer in. So did someone else, we ended up with a brief bidding war before it went to final bids (we lost).

So if the market is strong with you, it may go over an asking price. “Offers in excess of” don’t help achieve that. IMHO.

why don't you put it on for 850/825? then when you get the offers of 800 you'll be grand?

I think "fixed price" is even more off-putting than OIEO. People like to think they have bagged a bargain/got a good deal. When you think about it, negotiating a purchase price is one of the few times most people in the UK will do any haggling. Price it higher in the hope of getting offers around the level you'll accept.

I've recently sold a house and didn't like the idea of OIEO. The house was put on the market with an asking price of £350k and we were expecting to get offers less than this, which we would have accepted (so long as they weren't ridiculously low). After a month on the market the agent suggested an open house viewing with the price adjusted to OIEO £325. This was lower than we wanted for the house and I was concerned that this would lead to even lower offers. What actually happened is that it lead to an offer higher than the minimum we would have accepted when originally on the market (we had potential buyers bidding against each other in the end!)

I have concluded that I know less about selling and buying houses than I thought, but also that estate agents aren't always correct either, as I listened to a lot of contradictory advice and ideas whilst choosing an agent and also from different people in the agency we went with.

None of this particularly helps with your dilemma - sorry! I do wish that buying houses was more straightforward and everyone went with the same system - either asking prices at 10% more than your minimum accepted price or OIEO - so that we'd all know whether we can afford the house or not!

People really hate OIEO. Just put it on at £845,000.

How about POA?

I hate POA, like when you go to a craft fair/market, I would just not buy rather than ask for the price

OIEO would put me off.
I'd market it for 825,000.

I hate POA. It’s cringeworthy to have to ask and it smacks of ‘if you have to ask, you can’t afford it’ horribleness.

You don’t want it to come up in searches for people who don’t have 800k so 840ish makes more sense. What’s the valuation(s)?

Valuations are £795, £805 and £810k. We need as much as we can get - don't we all!!

When we were looking to buy, OIEO put me off... I had to do most the talking to agents etc and it felt like guess work...so we didn't go for house with that on

Having said that the offer/denied/offer/denied/offer/accepted was a PITA too, especially as in the end just before we signed contracts, they withdrew the house only to put it back up 2 months later. Shame as was a lovely house but couldn't be bothered with all the faff (some on again off again relationship from what we heard on the grapevine)

Right in view of those valuations I'd definitely not market it over 825,000.
Don't say to your agent you need a minimum of 800,000, at least not at this stage otherwise they'll be telling potential buyers oh they'll take 800,000.

so you want 800 no lower?
put it up for 825

It will go for 800 if someone who wants it thinks it’s worth it.

Oieo is pointless. People generally put search engine criteria up to their max. If that is 800 you will be getting the wrong audience. Plus the mindset is to offer below asking price so as soon as buyers see the number 800 they will be thinking of something beginning with a 7.

I rule out anything that says OIEO as it seems too inflexible, I'd rather they put a higher price. It's not logical, but you feel like you are getting a better deal.

OIEO doesn’t actually mean OIEO in practice. Annoying but true.

Doesn’t everyone bump the price up to allow for hagglers? No one markets their house at the exact price they expect to get.

Bloody hell 800k... im hoping for 100k for my house when it goes on the market next month!

We will probs put ours on at 120 as the deluded house across the road has theirs up for 150 (not a chance they'll get it). But 100 will give us a decent deposit for new house.

Disclaimer: im in the northeast where house prices are still cheap as chips!

We'll go with £825k knowing acceptable offers will be around 805. Thanks.

OIEO gives the impression of a greedy inflexible seller or someone swamped in debt. POA to me, means overpriced or there is a problem with it or a similarly priced better property nearby.

Agree with virtually everyone else. I really dislike OIEO. I'd go - as you have decided, with an asking price above the minimum you can accept. Ultimately, everyone wants to feel they have had a bargain, not be wondering if they have offered more than they needed to.

Its all very well saying you need to get at least £800 for your house but i see one agent has suggested 795? The uk housing market is not buoyant right now so you might be trying to get more than your house is worth! If you really want to sell you will need to be flexible and that could mean accepting offers well below w £800. There is a house on the market near me for £850 which is a shit hole - should be on at 650 ! It will not sell. You dont want to be that person.