Tell estate agent about size of deposit?

Turin_Turambar

ciano125 wrote: »

Exactly. If they don't know what you've got, they can't say to their clients "He's got £x,000 sat in the bank, try and get another £5k out of him" or suchlike. If they suspect you're at the limit I think they are less likely to try it on with you as well by saying that they've got another interested party and would you like to increase your offer. I dont think they would want to risk losing you.

I was thinking this myself, but as I've never bought a house before I didn't know the best way to go about it.

Thanks for all the different replies, made me think about things

housebuyer_abc

chickmug wrote: »

I would say better before but acceptable immediately after but what we would of found is the seller 'hard on our heels' asking for us to get absolute verification ASAP.

I've bought eight houses now and never once proved to an agent my ability to pay. Been asked every time.

Each time I've been asked to go in and show them my financial position I've refused, I've told them that my solicitor (who has the details) will verify that the funds are in place (or obtainable) but that is the limit of the information they are getting.

Why on earth would I want someone who most probably lives in the same town as I will soon knowing how much money I could rustle up (or not) for a deposit.

Estate Agents aren't bound by the same sort of confidence rules as lawyers or doctors (even though they try to tell you they are)...

chickmug

housebuyer_abc wrote: »

I've bought eight houses now and never once proved to an agent my ability to pay. Been asked every time.

I hope when you sell you will accept the weakness of your agent - especially if the transaction goes T1Ts Up.

Having said that I would (very yreluctantly) accept confirmation through a solicitor but experience has shown me it is not high on any solicitors tasks of the day and you can end up chasing a week after it should of been given. So we would of conditioned it that a phone call or an email within 48 hours otherwise the property would not have been deemed Under Offer. Many solicitors do not like being asked to do this though.

Hectors_House

Turin_Turambar wrote: »

I have seen a repo I'm interested in (95k) and was wondering if I tell the estate the amount of the deposit they will tell the vendor/bank, and they may see me as being a safer bet for pushing through a mortgage quicker than someone with a smaller deposit?

The EA we dealt with when we showed interest in the repo we eventually bought told us we needed to prove we could raise a mortgage.

We told him we had a good deposit but didn't tell him how much.

You have to remember the EA is on the seller's side.

Telling him just how large your deposit is could go against you should you want to negotiate the price down if you find there is no competition for the property.

In our case we went in with a low offer on the evidence of the state of the house and were just lucky that it was accepted. We can only assume the monies actually owed to the repossessing bank were a lot lower then what they'd put the house on the market for.

My gamble paid off when I got to read the HIPs.

Gwhiz

ciano125 wrote: »

Cash generally is king, but the OP isn't a cash buyer, unless they're buying a REALLY cheap house!

Sorry, I meant that with such a larger deposit the EA should be excited as they would be less likely to fall into the bracket of buyers finding that they cannot raise adequate finance due to valuations coming in low. Big deposit = lower LTV = more likely proceedable

chickmug

Gwhiz wrote: »

Sorry, I meant that with such a larger deposit the EA should be excited as they would be less likely to fall into the bracket of buyers finding that they cannot raise adequate finance due to valuations coming in low. Big deposit = lower LTV = more likely proceedable

Yes you are absolutely right

kaznelson

We are in exactly the same situation we are trying to arrange a viewing for a repossession but the EA are pushing for us to go and see their own FA. I've told the FA I will see him but I won't be taking a mortgage with him!

They have agreed that we can put an offer in once they receive a copy of our Mortgage in Principal and details of our deposit!!!

This is a large EA and it looks like this is getting more popular with the EA's at the moment.

Thrugelmir

kaznelson wrote: »

We are in exactly the same situation we are trying to arrange a viewing for a repossession but the EA are pushing for us to go and see their own FA. I've told the FA I will see him but I won't be taking a mortgage with him!

They have agreed that we can put an offer in once they receive a copy of our Mortgage in Principal and details of our deposit!!!

This is a large EA and it looks like this is getting more popular with the EA's at the moment.

No doubt EA's are getting their share of timewasters to be fair to them.

I was getting MIP offers over 20 years ago prior to house hunting so that we were taken seriously from the start.

chickmug

kaznelson wrote: »

We are in exactly the same situation we are trying to arrange a viewing for a repossession but the EA are pushing for us to go and see their own FA. I've told the FA I will see him but I won't be taking a mortgage with him!

They have agreed that we can put an offer in once they receive a copy of our Mortgage in Principal and details of our deposit!!!

This is a large EA and it looks like this is getting more popular with the EA's at the moment.

Yes and let me explain why EA's are doing this stage more thoroughly. They are scared of getting done by their seller clients for not acting in their (the sellers) best interests.

housebuyer_abc

kaznelson wrote: »

We are in exactly the same situation we are trying to arrange a viewing for a repossession but the EA are pushing for us to go and see their own FA. I've told the FA I will see him but I won't be taking a mortgage with him!

They have agreed that we can put an offer in once they receive a copy of our Mortgage in Principal and details of our deposit!!!

This is a large EA and it looks like this is getting more popular with the EA's at the moment.

They can't refuse an offer no matter what, the AIP has nothing to do with it, they have to pass on any offer.

The vendor may of course told them that they don't want offers without the agent seeing an AIP but that is different to 'we won't take an offer without seeing your AIP'