If you’ve been looking at houses on Rightmove, you might have seen the acronym OIRO used. But what does OIRO mean and what’s it got to do with property?

OIRO stands for “Offers in the Region Of”, and is commonly used by estate agents to give a guide price for properties that are being sold. When a property is advertised as OIRO, it means that the seller is open to offers from buyers who are willing to pay the asking price, or close to it.

In this article, I’ll tell you everything you need to know about OIRO properties, including how you decide what offer to put in, and what to do if your offer is rejected.

Why Is OIRO Used?

OIRO, or ‘offers in the region of’, is becoming more common in the UK property market. So why are estate agents using it?

The main reason is that it protects the seller. By not giving a specific asking price, they can avoid pricing themselves out of the market or selling for less than the property is worth.

It also protects the buyer, as they can be sure that any offer they make will be taken seriously by the seller.

This type of listing can be helpful for buyers who are looking for a property that is negotiable, but it can also be frustrating if you are not sure how much wiggle room the seller has.

Making An Offer On An OIRO Property

If you’re interested in making an offer on an OIRO property, there are a few things you need to take into account.

The first is that you’ll need to be able to prove that you can afford the property. This means having a mortgage in principle or proof of funds from your savings or investments.

The second is to think about what you’re willing to pay for the property. This will be based on a number of factors, including the current market value of similar properties in the area, how much work needs to be done to the property and your personal circumstances.

Once you’ve decided on an offer price, you’ll need to put this in writing to the seller’s estate agent. They will then present your offer to the seller, who will either accept, reject or counter-offer.

If your offer is rejected, don’t be discouraged. The seller might be open to negotiating, so it’s worth trying again with a higher offer.

And if you’re not sure what offer to make, you could always ask the estate agent for their advice. They should be able to give you an idea of how much the seller is likely to accept.

As always though, a house is only worth what a buyer is willing to pay. Whilst some properties may sell for less than their guide price, others may sell for well above the listed price. So, I’d always recommend offering what you think the house is worth. Otherwise, you could risk losing your dream property.

What Happens If My Offer Is Accepted?

If your offer is accepted, the next step is to instruct a solicitor and start the conveyancing process.

The solicitors will carry out all of the legal work involved in buying the property, including checking that there are no outstanding planning permissions or building regulations that need to be met.

They will also deal with the transfer of money and documents, and arrange for a date of completion.

The conveyancing process can take anywhere from 6 weeks to several months, so it’s important to be patient. Once everything is finalised, you’ll be able to move into your new home and start enjoying life in your new property.

OIRO Vs OIEO – What’s The Difference (And Why So Many Acronyms?!)

If you’re confused about the difference between OIRO and OIEO, you’re not alone. Both terms are commonly used by estate agents, but they actually mean different things.

OIRO stands for ‘offers in the region of’, whereas OIEO stands for ‘offers in excess of’.

The main difference is that the sellers of properties listed as OIEO are expecting offers to be made at or above the listed price, whereas sellers of OIRO properties are open to negotiating on the price.

However, this does not mean that you can’t offer less than an OIEO property. You will just need to be prepared for the seller to propose a higher counter-offer, or to reject your offer.

In Summary

Estate agents use a lot of terminology that can feel confusing at times. This includes OIRO – or ‘offers in the region of’. Whilst this may seem complicated, it simply means that the seller is open to negotiation on the price.

If you have any more questions, or if you’re thinking about selling your house in Sheffield, Rotherham or Worksop, I’m here to help. Give me a call on 07920 097 175 or fill out the contact form below.