Experiences of buying or selling using "Offers In Excess Of" please

[mummabubs]

Hi all,

Experiences please! DH and I didn't use this approach when selling our house, but we've viewed a house today that we really like which is listed as OIEO £400,000. The house is nice, has some compromises such as 2/4 bedrooms being very small but it has the potential to adapt it to our needs (the original owner was a builder and did a very large but oddly shaped extension which divides the house in an awkward way). Thing is, at that price it's pretty close to the ceiling value of the road, so we wouldn't want to spend much more than what it's on for. We have formally offered £400,000 and the agent replied very promptly saying they will be looking at offers over £400,000 and expect it to go for this. We were one of the first to view as viewings only opened today but he said they have multiple offers on the table that are higher than what we've offered. (I'm not sure how much I buy that but hey ho!) It got me thinking about OIEO, so was the agent implying they'd consider £400,001?? Just seems a silly way of not very clearly stating what you want to achieve when they obviously want some undisclosed amount more. (So why not just list for what you're hoping to achieve??)

Anyhoo, for those who sold using OIEO, would you mind sharing how much you were hoping to achieve above the listed minimum, and similarly for anyone who has bought a property under this pricing system - was your initial offer at or below the listing price and what did you settle on please?

Thanks in advance

IMO it means very little if the price is ‘optimistic’. A house not a million miles from us was up for sale for nearly 3 years - the vendors (who I knew) kept insisting that they ‘couldn’t accept’ less than X price.

In the end it went for quite a lot less.

I confess that I saw red a little when they then posted on their Facebook page boasting how quickly they'd sold it! I resisted the strong urge to comment publicly on it as the property is in a village so they may well end up marketing other properties we're interested in in the future, but I did send them a private message expressing how disappointed I was to find out through social media that it had sold when they hadn't had the courtesy to respond to our offer. They called me straight away, held their hands up and thanked me for not posting my experience publicly on their Facebook page. They're a very young husband/wife couple who have only been doing this for a year so "are still learning". Clearly! 🙄🤦🏻‍♀️

wow, that is not something you should need to learn is it.

But hopefully they'll feel relieved and indebted to you for not trashing them on SM and maybe they'll alert you first to something that comes on the market............ Who knows! I'd like to think that not posting your legitimate disappointment publicly under their post tooting their own horn about how quickly they sold it will make them remember you at just the right time.

@DanceLikeAdamAnt I know, right!? I hope so to a degree, although I have to say I'd be very reluctant to buy through them given what we've seen of them so far!

We paid 435 for our house which was advertised as OIEO 425. We were FTB and naively just asked the agent what the seller wanted and that's what we offered. We don't regret it though as we like the house very much and it ticked all the boxes. The survey valuation did come back with 435 though with a small print of something along the line of "in normal market condition". All this was pre-Covid.

I offered on a house that I was oie. I offered 700k on a listing of 730 and it was accepted: old house, needs loads of work.