Anxious wait

[moggiek]

I put in a verbal offer on a flat last week, significantly above the asking price (I'm in Scotland) and was assured by the estate agent that my offer was a generous one, and that the vendor would happily take the flat off the market. When my solicitor faxed over the offer 36 hours later, the vendor rejected it. Apparently, another potential buyer made the same offer as I did. The message from the EA on Friday morning was that if I upped my offer by a few thousand, which I did, that the vendor would happily take the flat off the market. Still waiting ...

Yuck, you have my sympathies. You obviously love the flat but are you prepared to play hardball, phone up tomorrow and say that the offer is only valid for another 24 hours (assuming this is legal in Scotland), aware that there is another buyer in the wings? If not, you'll just have to keep everything crossed and hope for the best. Either way, I think it would be fair to call the agent tomorrow and ask what is going on. Try not to be talked into upping your offer still more.

Good luck.

Thank you, lala. It's been such a long time since I bought a property (nearly 30 years), I'd completely forgotten about the stress of it all!

significantly above the asking price Yikes !!! What is the HR value?

Good luck but please don't keep offering more and more...you don't want to live to regret it. Fingers crossed for you!

I offered 10% above the asking price. For me, that's significant.

You're right, Cheery. I have a limit that I just can't go beyond, even if I am tempted.

Significant indeed but how does it compare to the home report value?

Sorry, Pinkje. 10% above the report value.

That is considerable, I guess that's Edinburgh or Glasgow then. As others have said, sit tight, the other vendor may have reached their limit but at 10% over valuation you (both) might have issues with mortgage and acceptable LTV rates.

Good luck

Yes, it's Glasgow. Will keep you posted ...

Did you get it Moggie?

Yes, the vendor accepted the increased offer!! Trying not to get too excited, just in case he changes his mind again ...

Congratulations, hope it all goes smoothly, when will you get entry?

I don't know yet, Pinkje. Not sure if we even have the written acceptance from his solicitor yet.