Offers in the Region of......?

[Dan_1981]

Offers in the region of - what does it mean?

I mean I know it means offers in the region of £x but does that mean the seller is expecting offers above or below the advertised price?

If it makes a difference this is a house in England, been up for sale for at least 2/3 months.

Ta.

[Piersman2]

It means they have adverstised at X.

But would be prepared to consider offers in the region of x - y.

Where y could be a value from 1% to 25% depending on how cheeky you want to be.

Whether they accept is another matter of course.

Just means they do want to move and are open to sensible offers.

In Scotland, when the market is bouyant, it would mean the exact opposite, your offer would be expected to be x + Y.

Edited by Piersman2 on Monday 24th January 13:37

[hornetrider]

While we're here - OIEO. what's that all about (south of the border) cheeky bar stewards.

[Simpo Two]

Dan_1981 said:

does that mean the seller is expecting offers above or below the advertised price?

Make an offer above and he'll sell it to you on the spot.

[Dan_1981]

Hmmm property we've seen is at OIRO £209k

Is 10 - 15% below that ridiculous or reasonable?

I know this is a how longs apiece of string typ equestions really and depends on lots of factors.

[Lord Flathead]

You won't know until you've put your bid in

[scirocco265]

hornetrider said:

While we're here - OIEO. what's that all about (south of the border) cheeky bar stewards.

It means offer me this exact price and I'll sell it. Can sometimes be cheeky but is also somewhat honest. I personally think it's someone showing their hand and saying "this is the price".

[Simpo Two]

scirocco265 said:

hornetrider said:

While we're here - OIEO. what's that all about (south of the border) cheeky bar stewards.

'Offer in excess of' I would imagine.

[dustybottoms]

I understand it to mean that the seller and estate agent have acknowledged the current state of the market and uncertainty, or the condition of the house (good or bad) etc and have already priced the house up for what they believe to be a very competative price that reflects a realistic actual sale market value. They will also be realistic knowing that everyone likes to get a little more money off a deal so they would accept an offer in the region of this price.

So if the property seems very well priced for the area and type of property and represents good value compared to others recently sold and currently for sale, then your offer should reflect that and any large discount offer will more than likely be quickly refused.

If all the above is true for the property you are looking at (and you should have a very good idea if it is or isn't) then this property will be getting at the very least high viewing figures when compared to other similar properties and possibly more than one person making offers at the same time.

[Drive Blind]

here in Scotland i've only seen the 'offers in the region of' phrase appear in the last 3-4 years. Previous to that it was always 'offers over'

Local to me any property advertised with OIRO has already been on the market with 'offers over' or fixed priced first. OIRO is a sign of a seller getting desperate IMO

[dustybottoms]

Drive Blind said:

Local to me any property advertised with OIRO has already been on the market with 'offers over' or fixed priced first. OIRO is a sign of a seller getting desperate IMO

I'm sure that may be the case in Scotland as the house buying and offer process seems very different to England, and in some cases that will also be the same in England for houses that aren't shifting, I have friends who took between a year and two years to sell!

Certainly where I live houses are coming on the Market from day one with OIRO and these appear to been keenly priced compared to similar non OIRO properties.

[tescor]

I remember hearing once that most houses go for the asking price - 5%, so if you start by offering less, say 10%, then you would eventually meet in the middle.

Every house is different though, so reduce the offer if lots of work is required or it's in a bad location.

I know of a house that was for sale at £525K. The builder admitted upping the price by £100K just in case someone was willing to pay the price! The price has slowly been reduced and is currently £465K, i.e. still £40K over priced.