Does OIEO mean we can’t offer under?

[thewayoftheplatypus]

What is says in the title really! We are looking to move and have a budget (and mortgage agreement in principle in place) for £260k. Going to see a house tomorrow that is on for OIEO £270k. It’s the one we’re most excited to see as the location is perfect for us. But it’s the only one we’re looking at which says OIEO in the description. Is that something we should take as gospel? If we love it would we be insulting the vendor/breaking some rule I don’t know about to offer 260k?

There's no rule that you can't offer below - if they need the sale they may consider it

Dear god no - offer what you feel comfortable offering. Plenty offer under even if OIEO!

Depends how long it’s been on for and what the market is like. If it’s new on then yes you’d be taking the piss. The best you could do would be to say we would love to make an offer, this is our position (eg are you in a good position to move) and we are here if the vendor would consider going below their limit price.

How far is it outside your price range?

Offer what you please. There are no rules. The worst they can do is say no

It's fIne.

Ha! As someone currently marketing their house as OIEO I can tell you that it's most definitely not an order or even a guide. People just offer what they want.

PS the advantage of asking them to come to you below 270k is that you would know that they hadn’t had interest above their level and it would put you in a stronger position

Not at all - the house we bought started at OIEO 250k, then OIEO £225k before we settled at £215k! It depends on what the house is worth, and don’t be put off from offering exactly that despite what some EA marketing blurb says. Research what’s sold in the street or area that’s similar and get your own value, then see how it matches up to the price they want. If it’s reasonable or under valued, then OIEO is genuine, however if it’s overpriced then they’ll probably have to lower expectations unless they get lucky.

Our house was oieo and we placed an offer 10k under that was accepted within 20mins. Give it a go!

Offer whatever you like but what I will say is because it’s a more expensive House and in theory out of your price range it may well look amazing compared to the others you view so try not to get too set on it. It’s like viewing houses on for £285k in the hope you’ll get them down to £260k

Thanks this is all really useful! I’ll approach tomorrow a little more confidently (but still realistically!) that if we like it as much as we think we will we could still make an offer x