What does OBO mean?

[Twista]

Does it mean above or below the price? I thought it meant below the price. LEt say "X" item is for sale for 50 obo. I thought you could offer 45 and the person might say okay. Or is it like ebay bidding? The person that has the higher offer could beat the person who asked first.

thxs

 

[akubi]

or best offer

 

[Thraxen]

Or Best Offer

I'd say it's intentionally ambiguous

 

[Bateluer]

Thats how I always understood it.

Or Best Offer. If your asking price is 100, and I offer 80 and no one else wants to buy it, then I get it.

 

[pontifex]

i could see it owrking either way but in that case, i'd say best offer below 50.

if they were taking the best offer, i don't think they would give a starting price.

 

[UsandThem]

Here it means "I want this amount for the item, but I will take less".

OBO should never be more than the asking price or it is basically an auction.

 

[Electric Amish]

It's a woodwind instrument.

 

[dullard]

I think it stands for "the first two posters won't read the text of the original poster".

I can sell my dog for (a) $100 or (b) the best offer. Why would anyone offer more than $100 if I advertise that I will sell it for $100? I mean, if you are a buyer, would you offer more than the advertised price? No. You don't go into Walmart and offer to buy it for MORE than the sticker on the shelf. So for all practical purposes, people will choose option (a) instead of offering more in option (b).

 

[IceBergSLiM]

ithe asking price is 50 and the best offer is 80 thats what he will take if the best offer 15 thats what he will take. it goes up or down.

 

[Golgatha]

If I post $50 OBO, then I basically mean for $50 I'll absolutely sell the item to you, but if you offer less I'll consider your offer and you might just get it for a lower price if I decide I'd like to move the item.

 

[Golgatha]

Originally posted by: Electric Amish
It's a woodwind instrument.

No that's oboe I believe.

 

[randay]

it just means the price is negotiable.

 

[dullard]

Originally posted by: randay
it just means the price is negotiable.

Exactly. And no sane buyer would negotiate the price UP from the advertised price.

 

[Thraxen]

Originally posted by: dullard
I think it stands for "the first two posters won't read the text of the original poster".

Ummm... apparently you failed to understand my post. I said I thought "obo" was intentionally ambiguous. In other words, it gives the seller an out either direction (high or low). So, yes, I read the OP and answered the question asked.

 

[dullard]

Originally posted by: Thraxen
Ummm... apparently you failed to understand my post. I said I though "obo" was intentionally ambiguous. In other words, it gives the seller an out either direction (high or low). So, yes, I read the OP and answered the question asked.

No it doesn't give them an out UP. At least not with sane buyers.

 

[BoomerD]

Originally posted by: dullard
I think it stands for "the first two posters won't read the text of the original poster".

I can sell my dog for (a) $100 or (b) the best offer. Why would anyone offer more than $100 if I advertise that I will sell it for $100? I mean, if you are a buyer, would you offer more than the advertised price? No. You don't go into Walmart and offer to buy it for MORE than the sticker on the shelf. So for all practical purposes, people will choose option (a) instead of offering more in option (b).

While the basice of what you say are true, if someone offers me $100 for the dog (and hasn't paid for it yet) , and someone else offers me $120 for the dog, then obviously, I'm gonna take the higher offer. The guy who offered $100 is gonna have to either beat the higher offer, or lose the opportunity...But of course, it the first guy offers and pays the $100, then it's a done deal.
OBO can easily become an auction on either side of the asking price...

 

[dullard]

Originally posted by: BoomerD
While the basice of what you say are true, if someone offers me $100 for the dog (and hasn't paid for it yet) , and someone else offers me $120 for the dog, then obviously, I'm gonna take the higher offer. The guy who offered $100 is gonna have to either beat the higher offer, or lose the opportunity...But of course, it the first guy offers and pays the $100, then it's a done deal.
OBO can easily become an auction on either side of the asking price...

The advertised $100 price is legally binding. So only an idiot would offer more than $100. If the first person offers $100, the deal is done (assuming the seller obeys the advertizing laws). A second person cannot jump in and offer $120, negating the first offer.

 

[Thraxen]

Originally posted by: dullard

Originally posted by: Thraxen
Ummm... apparently you failed to understand my post. I said I though "obo" was intentionally ambiguous. In other words, it gives the seller an out either direction (high or low). So, yes, I read the OP and answered the question asked.

No it doesn't give them an out UP. At least not with sane buyers.

Sure it does, you simply aren't thinking this through. Let's say I place an ad on the internet for an item. Then I get multiple offers. If I respond to some of them and say "Sorry, someone already offered the full price", the buyer might then respond, "OK, how about if I give you X amount more". Yes, essentially an auction, but the ambiguous nature of "obo" gives the seller an out to take a higher offer without outright cheating the first person to offer the asking price.

 

[Baked]

Offensive Body Odor.

 

[dullard]

Originally posted by: Thraxen
Sure it does, you simply aren't thinking this through. Let's say I place an ad on the internet for an item. Then I get multiple offers. If I respond to some of them and say "Sorry, someone already offered the full price", the buyer might then respond, "OK, how about if I give you X amount more". Yes, essentially an auction, but the ambiguous nature of "obo" gives the seller an out to take a higher offer without outright cheating the first person to offer the asking price.

In practice you can do that. But legally, you can't advertize $100, get an offer for $100 and then not accept it hoping to get a higher price.

 

[Thraxen]

Originally posted by: dullard

Originally posted by: BoomerD
While the basice of what you say are true, if someone offers me $100 for the dog (and hasn't paid for it yet) , and someone else offers me $120 for the dog, then obviously, I'm gonna take the higher offer. The guy who offered $100 is gonna have to either beat the higher offer, or lose the opportunity...But of course, it the first guy offers and pays the $100, then it's a done deal.
OBO can easily become an auction on either side of the asking price...

The advertised $100 price is legally binding. So only an idiot would offer more than $100. If the first person offers $100, the deal is done (assuming the seller obeys the advertizing laws). A second person cannot jump in and offer $120, negating the first offer.

Where are these advertising laws and do they even apply when "OBO" has been listed in the advert?

 

[dullard]

Originally posted by: Thraxen
Where are these advertising laws and do they even apply when "OBO" has been listed in the advert?

They vary by state, go look them up. Federal laws for false advertising are difficult to use, and probably don't apply to you, so ignore them.

If I advertise that I will sell it for price A or price B, are you arguing that I don't have to honor the ad if someone offers price A?

 

[BoomerD]

Originally posted by: dullard

Originally posted by: BoomerD
While the basice of what you say are true, if someone offers me $100 for the dog (and hasn't paid for it yet) , and someone else offers me $120 for the dog, then obviously, I'm gonna take the higher offer. The guy who offered $100 is gonna have to either beat the higher offer, or lose the opportunity...But of course, it the first guy offers and pays the $100, then it's a done deal.
OBO can easily become an auction on either side of the asking price...

The advertised $100 price is legally binding. So only an idiot would offer more than $100. If the first person offers $100, the deal is done (assuming the seller obeys the advertizing laws). A second person cannot jump in and offer $120, negating the first offer.

Nope...not legally binding. Look at real estate. Offer a house for $300K in a hot market, you might get numerous offers over that amount. You aren't legally bound to sell for your asking price. Otherwise, you couldn't sell for less either...

q]Originally posted by: Thraxen

Originally posted by: dullard

Originally posted by: Thraxen
Ummm... apparently you failed to understand my post. I said I though "obo" was intentionally ambiguous. In other words, it gives the seller an out either direction (high or low). So, yes, I read the OP and answered the question asked.

No it doesn't give them an out UP. At least not with sane buyers.

Sure it does, you simply aren't thinking this through. Let's say I place an ad on the internet for an item. Then I get multiple offers. If I respond to some of them and say "Sorry, someone already offered the full price", the buyer might then respond, "OK, how about if I give you X amount more". Yes, essentially an auction, but the ambiguous nature of "obo" gives the seller an out to take a higher offer without outright cheating the first person to offer the asking price.[/quote]

QFT...OBO gives the seller the leeway to sell for whatever price he can get...more or less than his asking price...

 

[Thraxen]

Anyway, contrary to your statement in your first post, I did read the OP and answer the question asked. Whether I'm correct is a different issue

 

[dullard]

Originally posted by: BoomerD
Nope...not legally binding. Look at real estate. Offer a house for $300K in a hot market, you might get numerous offers over that amount. You aren't legally bound to sell for your asking price. Otherwise, you couldn't sell for less either.

Real estate is a different beast. With real estate offers, the buyer brings in a legal contract with many terms. The seller can reject the additional terms, and thus reject the offer.

If you want to go UP from the price, just write an ad stating that you'll sell it for the "best offer". Don't say you'll sell it for $100 and then reject an offer for $100.