What does OIEO mean when buying property?
Offers In Excess Of
By the way, O.I.E.O. simply stands for ‘Offers In Excess Of’. It’s that simple. It’s an indicator to buyers that the seller is unlikely to entertain offers below the quoted price. In fact, offers are actively invited in excess of that quoted guide price.
Can you offer below OIEO?
Whatever the reason, the OIEO can be a helpful indication to buyers of the vendors bottom line from the get go, however there is never any harm in making a lower offer if the property has been on the market for a while or doesn’t seem to reflect the price of similar properties for sale in the local area.
What does OIRO mean in estate agent speak?
Some properties come with the tagline OIRO (offers in region of) which can be confusing. Essentially, this is a rough guide price and while sellers would rather accept an offer at or above the OIRO price, they are willing to consider a slightly lower offer.
What do Offers In Excess mean?
“Offer in excess of,” also referred to as guide price, is a common term used in the property industry. This term is designed to refer to a starting point from which to make your offer. For instance, if the guide price is £275000, then your offer cannot go below this amount, but it can exceed it as much as you want.
Why use offers in excess of?
An “offer in excess of” basically means that they would prefer the buyer to make an offer above the specified amount. This is usually laid out as a firm message that the seller will not accept anything lower. In some cases, it could be due to the seller has a clear idea of how much they want to sell the property for.
Should you offer the guide price?
Should I pay the guide price? The price you pay for any property will depend on what the market’s doing. This will tell you how much properties near you have actually sold for, rather than the asking prices. If the guide price is the lowest figure the seller will take, you may find that lower offers are refused.
Does it cost money to put an offer in on a house?
Don’t get discouraged, and don’t shy away from making an offer on a house because you think you’ll lose out to another buyer. “Most people will still take their best shot – it doesn’t cost a thing to make an offer,” Plotkin says.
What’s the difference between guide price and asking price?
The guide price is the amount of money that the seller decides for the sale of the property in order to encourage potential buyers to develop some interest in the house. On the other hand, the asking price is the price that the seller puts the property on the market.
Should you offer more than asking price?
Some real estate professionals suggest offering 1% – 3% more than the asking price to make the offer competitive, while others suggest simply offering a few thousand dollars more than the current highest bid.
Should you offer over asking price?
While every listing and situation is different, paying above asking price is very common. So buyers should be ready to consider it if they’re making an offer. He says offers typically need to exceed at least 1 to 3 percent over list price when there are multiple competing buyers.
What does oieo stand for in real estate?
A property marketed with a price which includes “Offers in Excess of” (OIEO) is less ambiguous however and essentially means what it says on the tin, i.e. the seller would prefer offers over the specified amount and is unlikely to accept anything lower. There are generally 3 reasons why a property price would include those 4 little letters: OIEO.
What does offers in excess of ( oieo ) mean?
Offers in excess of. When a seller puts a price on their property and you make an offer they have been asking for, the offer is in excess of what they were asking for. This means that there is room to negotiate between you and the seller.
What does it mean when someone says oieo or Oiro?
It generally means “I know better and I’m desperately not wanting to accept the Estate Agents advice on what my house will sell for” This is a little like the description of ‘Fixed Price’ that’s sometimes quoted i.e. the vendors don’t want to negotiate and the ‘OIEO’ is the lowest price which they can accept. Of course, that’s up to them, right?