Just had offer accepted

STAR_BUCK

Hi

We're FTB's and just had an offer accepted on our dream home. The estate agent now wants my husband and I to come into the branch and show proof of our mortgage offer and proof that we have a deposit ready. Is this a normal procedure? I'm a bit iffy as they have been pestering us lately to see their own inhouse mortgage advisor.

thanks in advance for any replies

terrierlady

i would say good estate agents, not wasting anyones time, you are honest but many people are not, they say they have an offer but haven't even applied so waste time whilst the home is taken off the market only to go back on weeks later, so you have nothing to hide, show them and then proceed as you planned using your own guy/gal if they are better, word of caution maybe just maybe worth running the details pass their own in house mortgage person to insure you are getting the best deal possible as FTByrs .
good luck with your purchase.

Dukes_of_hazard

If you have a mortgage offer in place then their mortgage salesman will have nothing to sell you . It seems to me that they just want to confirm (as stated in the reply above ) that you have an offer in place so they can assure the sellers you are serious .

We had our offer accepted 6mths ago and are now having to extend our mortgage offer for a month.

Good Luck

AndrewSmith

It is a common thing for an Estate Agency with an in-house broker to ask.

It is a double edged sword really:

1) They are doing an excellent job for the Seller (their client) by verifying that you are able to proceed with the offer stated.

2) They will be looking to generate extra revenue for the office by arranging the mortgage for you. Many large chains of Agents (and some smaller ones) are owned by insurance companies or lenders, thus there is a high emphisis on Mortgage Business with the Mortgage Consultant carrying the same grade in the office as the Branch Manager in some cases.

Which Agency is it through?

My advice is to obtain an agreement in principle from a lender/broker prior to going into the Estate Agency. That way you can then show proof that it is already in hand.

If using a broker, even though they may call themselves 'whole of market' they may not have access to all the products available. This is typical of a number of Estate Agency brokers, due to the corperate connections with lenders and their parent companies. Ask your chosen broker to tell you of any 'panel' restrictions and can they go to any lender.

If using a broker get them to call the agency once the agreement in principle has been agreed, to confirm that all is well and you can proceed.

Hope this helps

Andy

claz

had the same thing when we bought our house

1. most estate agents like to see proof that you can proceed before they offically take the house off the market as was mentioned before to stop time wasters
2. the proof of deposit is also the same idea

one other way if for your solicitor to write and confirmt hat they have seen proof of your mortgage in principal (you don't get a mortgage offer until sirveys etc are done) and that they have seen proof of the deposit, whether it is the current equity in your house or savings etc

some estate agents insist that you see their in house mortgage advisor before you even make an offer which we refused to do, we got a letter from out mortgage advisor confirming that he would be happy to fax through documents which confirmed we had a mortgage in prinicipal ONCE the offer has been made, this was important as sometimes (even though it is not eithical) in house advisors talk to the agent who can then advise the seller whow much you can afford!!

have you already got a mortgage in principal? if not go to see a independant mortgage advisor asap to get things sorted

hope this helps keep us updated on what happens

john_bradley_3

It's possible to see it from both sides of the sale, but be careful the estate agent's broker doesn't overstep the mark. Make it clear to them the source of the funds and thet your own broker is handling things. Under no circumstances give them your salary details - if you do, and you are not stretching yourself to buy the place (e.g. less than 4 x salary) then they will know that you can stretch to a bit more, and all too often a mysterious offer will appear from another buyer and if you can match it you will not lose the property.
a bit cynical maybe, but be careful

PJD

1. most estate agents like to see proof that you can proceed before they offically take the house off the market as was mentioned before to stop time wasters
2. the proof of deposit is also the same idea

Sounds like good practice