What does OBO mean?

[acemcmac]

Originally posted by: akubi
or best offer

 

[dullard]

Originally posted by: 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

Ok, you caught me using terminology which is common on ATOT but in which the terminology is not literally correct. I will try to correct that flaw my future posts.

 

[GuitarDaddy]

Usually means Old beatup & Obsolete

 

[ZOOYUKA]

Originally posted by: 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.

An advertisement is just an invitation for purchase. It is not a legal binding contract.

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.

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

 

[Scarpozzi]

Old Body Odor?

It means a price less than the asked price....it's usually tacked onto the end of a sales ad. If you're not willing to lower the price on an offer, you can say: $60 Firm

 

[KLin]

Salt rock?

 

[allisolm]

"Or Best Offer" options ("obo") may not be used to sell an item at a price higher than originally asked for. E.g., $50 "obo" means that you may accept less than $50, but you will sell the item to the first person to offer $50. Lower offers may be refused at the discretion of the seller."
from Ars Technica seller's etiquette

"For example, $100 OBO means that you will accept $100 or the best offer BELOW that."
from Pets Classifieds

These are what I have always taken OBO to mean.

 

[FoBoT]

Originally posted by: UsandThem
Here it means "I want this amount for the item, but I will take less".

that is my view for FS/T

it means the dude wants to sell it even if they posted too high a price

 

[JDrake]

man girl why u be nockin u obo into me

 

[Kadarin]

Rock Salt, foo!

 

[fire400]

what does WTB mean!?

 

[altonb1]

Technically, if something is offered for $50 and I offer $40, the "or best offer" clause LEGALLY means the seller has to sell it to me for $40 as I had the "best offer." In reality, though, I am sure you would have a hard time enforcing the OBO portion of the ad. But realistically, if the seller does not sell it for $40, he is guilty of false advertising.

 

[Golgatha]

Originally posted by: 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.

Typically real estate is appraised and that is the "advertised" price. The seller will take the best price they can negotiate however in that market.

 

[Twista]

Originally posted by: 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

THXS


Thread went alittle further than i thought.

 

[Shawn]

oh bow