How should I play this??? FTB

pda

We saw a flat on thursday that we loved...first decent/affordable one in like 30 viewings. I rang the estate agent (who is the vendors mate) on friday morning and put in an offer of 230k, which was 10k below asking price.

The EA said he would put it forward but he thinks they would turn it down as thinks the minimum they would take is 235k. He rang me back after 5-10 mins to say they wanted more but didn't say how much more. I asked him to find out about whose reponsibilty the roof was as the flat included the freehold to the whole property. He said he would find out and get back to me whilst i spoke to my FA and sorted out more cash.

I heard nothing for the rest of the day and left a message with his colleague just before close of place. I have still not heard anything today. I reckon he is making me sweat and waiting to see if people that view it today make an offer. As it only came on the market on tuesday.

Should i hold out till he calls me or just call on monday morning. I don't like the fact that he is the vendors mate. We have an AIP for 240 so we can afford the asking price. Don't really wanna lose this place or get in a bidding war but i want to get it for cheap as possible.

Cheers

AndrewSmith

Hi,

Before doing anything else, ensure that your FA is aware that the flat includes the freehold of the building. This could restrict the nuber of lenders available.

I would, IMHO wait for him to call you back. This is a game often played by agents, you have asked him to provide you with more information, therefore you should wait for this info before re-considering your next bid.

I would wait till at least Monday late PM, then call and chase the info you have requested, and not mention the new bid till you have the answers to the queries you raised.

Andy

Wickedkitten

We had a very unremarkable game of offer tag. Offered 89k, the vendor turned it down and the EA said they were looking for something that had a 9 in it so we offered 90k which they excepted.

Just remember if it had any problems that need looking after and remember that you can negotiate further after you get the survey done.

Tassotti

I had a similar experience with a flat that owned the freehold. I could only find about 3 lenders that would lend on this type of property, and the rates were extortionate.

As Mr Smith says, check this out first, as you may find the mortgage repayments will be a lot higher than first expected.

robwend

i wouldnt phone them. id brave it out,its so fresh on the market you are going to struggle with a bargain mind you, thats why there bideing there time in returning your call xx

pda

The AIP is with Abbey, looks like i need to have a word my FA monday morning.

Cheers for the responses