Want to make an offer - OIEO

[OCM19]

Background - Our house is ready to be marketed (photos, floorplan, description etc) and is with an EA, but we didn't put it on as we hadn't seen any properties we liked.

A house came on the market on 21 June and we viewed on 30 June (so just over a week after it was advertised). They had a lot of interest and had a viewing straight after us so I know there is a possibility of an offer before we are ready to offer.

We loved the house, but had to make various enquiries for schooling as the schools are all full and my son is due to start reception this September so that was a big factor to consider.

We would like to put our property on the market on Monday but know we are not proceedable until we have an offer on ours. If (fingers crossed) the house is still available, it would have been on for 3+ weeks by then.

The asking price is currently OIEO (which I really dislike as a buyer), but we would want to offer under the asking price.

From those who are selling, if your property had been on for 3+ weeks but you had a lot of interest, would you take an offer below asking price?

No, and as you’re not yet proceedable even less likely.

No, and certainly wouldn't take it off the market for an offer from someone who is not proceedable. Sorry.

Thank you @mobear and @CutesyUserName . Sorry if my OP wasn't clear. I meant if we got an offer on ours (which is why I said if the house is still available). I know we aren't in a position to offer without ours being under offer.

If we had sold ours stc, would you accept an offer below asking if it was OIEO and you had a lot of interest?

Nope.

OIEO is your starting point. Not to go under.

In fairness the market is not buoyant on many areas so if you want to offer lower, offer! It can’t hurt. Just be aware you might not get the house.

Probably not if it had only been three weeks but everyone’s individual situation is different and there’s probably no harm in making an offer. Before doing so though the EA might be able to give you a steer. If there’s been a lot of interest it may be they’ve already rejected offers under the OIEO.

@mobear this is my thinking, that they probably have rejected some offers. It's so difficult in this market at the moment!

Depends where in the world you are. In Edinburgh three weeks is a long time. In Middlesbrough three weeks is no time at all.

Personally I'd use offers over as a clear way to indicate that I wasn't in a financial position to take less, and would be prepared to wait to get the money. My guess is it will be becoming more frequent as a marketing point as people want to reduce their mortgage but can't afford or won't take less because of their equity? I see it as a nice clear statement when the rest is guesswork - I wouldn't use it if I needed to sell quick or could sell for less.

@SausageMonkey2 Hampshire, near Portsmouth.

@hlr1987 thank you, that’s very clear and worth considering.

People offer under all the time and people do accept, regardless of how it is worded (OIEO, OIRO etc). It depends on the seller's circumstances- they may have an eye on something themselves. All you can do is put the offer forward.

OIEP is just a joke, you are free to offer anything you consider appropriate

Just to mention a house across the road from us that was advertised for OIEO 525 has just been sold for 500 🤷‍♀️

A house I asked to view this week was listed in March at offers over £525k, then reduced to offers over£500k and at the start of this month down to offers over£450k . They declined my viewing as they had an offer from a first time buyer with a mortgage in princess.Hope it doesn’t bite them in the bum if the buyer gets cold feet as I am sold and will be a cash buyer.

@NavySalt i know, I hate i! As a buyer, ot really puts me off (expect this house which we love!)

@Proudboomer wow, interesting. We could wait to see if it gets reduced but I am sure this one will go soon!

@Proudboomer ps, sorry you didn’t get a viewing. You never know, if May become available again

It may have a lot of interest, but that doesn't mean they're all prepared to offer asking/over. I think a lot of people are viewing houses expecting to get them under asking atm, despite whatever silly letters are put after the price!

Good luck!

@CellophaneFlower thats very true, no harm in trying!

Depends if there has been much interest in the property. If there hasn’t then you could put in a lower offer (once you are in a position) - the vendor could say yes or no. Nothing really to loose. If you LOVE the house then why not offer the asking price??