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  • FIRST POST
    • muffle123
    • By muffle123 10th Oct 16, 10:29 AM
    • 2Posts
    • 0Thanks
    muffle123
    Estate agent requesting Proof of deposit/ mortgage agreement before offer accepted
    • #1
    • 10th Oct 16, 10:29 AM
    Estate agent requesting Proof of deposit/ mortgage agreement before offer accepted 10th Oct 16 at 10:29 AM
    Hi

    We are first time buyers and looking to make our first offer on a house. I called up the estate agent this morning to make the offer and they told me that they would need us to send in proof of deposit and evidence of our agreement in principle before they made the offer to the sellers. Is this common practice? I thought you would only need that after the offer was accepted - I can provide it but cautious about showing that information to the estate agent/ seller now and having them decline our offer because they think they can get more money from us.

    Thanks in advance for any advice!
Page 2
    • thegirlintheattic
    • By thegirlintheattic 10th Oct 16, 6:32 PM
    • 2,703 Posts
    • 3,509 Thanks
    thegirlintheattic
    I wouldn't show an AIP. When we offered we said we had an AIP and a preferred solicitor. That was enough for the EA. THey wouldn't take it off the market after the offer was accepted until they had seen the full AIP which was fine.

    It's none of the EAs business about the deposit.
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    • G_M
    • By G_M 10th Oct 16, 10:38 PM
    • 37,051 Posts
    • 40,979 Thanks
    G_M
    Refer the agent to The Property Ombudsman Code of Conduct:

    10b You must put all offers to your seller client even if the buyer
    has not been financially qualified at that stage.
    • HouseBuyer77
    • By HouseBuyer77 10th Oct 16, 10:48 PM
    • 756 Posts
    • 714 Thanks
    HouseBuyer77
    It's none of the EAs business about the deposit.
    It may not be the EA who cares. It may be the vendor. Frankly it's quite reasonable to have some proof that you do indeed have the deposit you claim. It's fairly common to see tales of sales falling through or hitting road blocks as it turns out one member of the chain doesn't quite have their finances in the order one would like.

    As a vendor it's just prudent to ask for some kind of evidence before firmly committing to the offer. They're not asking for every last detail of your financial life, just for the EA to see a bank statement that shows the money is there. Alternatively if you don't want to show the EA a statement a letter from your solicitor or even mortgage broker confirming the amount should suffice.
    • Grenage
    • By Grenage 10th Oct 16, 11:25 PM
    • 878 Posts
    • 822 Thanks
    Grenage
    I would never give the ea information that shows your max. They can see that after offer accepted, outer jog on.
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