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What Does Oieo Mean?


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#1 Monkey_Boy

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Posted 24 January 2006 - 11:56 AM

Looking to rent in farnborough area and out of curiosity check out the houses for sale;

http://www.findaprop...salerent=0&sp=0
Loads of the house have a mysterious OIEO next to them... Do they mean Offers In Excess Of? or is it EA speak for something completely different? Haart are trying very hard and the prices appear to be coming down - but then farnborough is a bit rough round the edges.

Perhaps we should have a pinned thread of what some of the common HPC acronyms stand for? Took me ages to work out OO was owner occupier ;-)

#2 Merryn

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Posted 24 January 2006 - 12:26 PM

Occassionally estate agents will use OIEO when marketing a property for a seller who wants to sell quickly and has priced the property very competitively. These properties tend to stick out like sore thumbs as 'good value' and will often attract several interested buyers who will effectively bid for the house at or above the asking price.

However, OIEO usually just means that the vendor is stubborn and unrealistic. If the house in question looks no more competitively priced than other similar properties then my advice would be to steer well clear and save yourself a whole load of stress.



One very upmarket agent round here has taken to listing
many of its properties with "Price guide" figures.

It boils down to the so-called
professionals admitting they really haven't got a clue

#3 Andrew McP

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Posted 24 January 2006 - 12:50 PM

I think it's EA shorthand for "this dump is like a pigsty", and has something to do with Old McDonald.

Andrew McP (no relation)

#4 Father Fred

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Posted 24 January 2006 - 12:53 PM

One very upmarket agent round here has taken to listing
many of its properties with "Price guide" figures.

It boils down to the so-called
professionals admitting they really haven't got a clue


A bit harsh. Property value is what someone is prepared to pay for it.

An agent has 6 buyers looking for a 3 bed house in "x" area. A new house comes on. How much will each of those buyers pay? Impossible to know exactly however well you think you know the buyers. And someone else might own next door and want to move their mother close by so they can keep an eye on her. They might offer 10% more than anyone else.

Or someone says their budget is 250k and the house is perfect, ticks every box. Of course they'll offer 250k. You phone them up to tell them about the new house and all of a sudden they're only offering 225k cos they've been on HPC.

If you were ebaying your TV how close do you think you'd get to estimating the selling price before the auction started?

#5 Merryn

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Posted 24 January 2006 - 01:00 PM

A bit harsh. Property value is what someone is prepared to pay for it.

An agent has 6 buyers looking for a 3 bed house in "x" area. A new house comes on. How much will each of those buyers pay? Impossible to know exactly however well you think you know the buyers. And someone else might own next door and want to move their mother close by so they can keep an eye on her. They might offer 10% more than anyone else.

Or someone says their budget is 250k and the house is perfect, ticks every box. Of course they'll offer 250k. You phone them up to tell them about the new house and all of a sudden they're only offering 225k cos they've been on HPC.

If you were ebaying your TV how close do you think you'd get to estimating the selling price before the auction started?



:lol: :lol: :lol:

I'd naiively assumed that an estate agent would have
more professional insight and market knowledge
than some armchair punter seeling their telly on eBay...
but hey, I stand corrected. ;)

#6 teddyboy

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Posted 24 January 2006 - 01:02 PM

A bit harsh. Property value is what someone is prepared to pay for it.

An agent has 6 buyers looking for a 3 bed house in "x" area. A new house comes on. How much will each of those buyers pay? Impossible to know exactly however well you think you know the buyers. And someone else might own next door and want to move their mother close by so they can keep an eye on her. They might offer 10% more than anyone else.

Or someone says their budget is 250k and the house is perfect, ticks every box. Of course they'll offer 250k. You phone them up to tell them about the new house and all of a sudden they're only offering 225k cos they've been on HPC.

If you were ebaying your TV how close do you think you'd get to estimating the selling price before the auction started?


Good points! But what you have to consider FF (and I know your EA links) is that generally EA's are not trusted. Looking at my area of Liverpool, houses are expecting ceiling prices whether they are good or not. Years ago, a conservatory, new drive, loft conversion etc would have made the house stand out from the rest and justified the new ceiling price. Nowadays, every house HAS to get a new ceiling price for the street, regardless of condition!

I am sorry but if an EA markets at XXX then its worth 80-85% of that imho.

TB
What they say... what common sense says..... "A HPC would be bad for the economy" - The boom has helped to damage the economy - a correction would go to fix it!
"20/30/40% off asking price? Thats silly" - Asking prices 20/30/40% above last sold is whats silly - these reductions are righting a wrong!

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