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Why don't people get an AIP before they put an offer in!
clairecymru
Posts: 522 Forumite
I'm soooooo disappointed.
I rang my estate agent today to ask for an update on the sale of my property, mainly because I didnt want to pay for the survey on the property I am buying until he had done a survey on mine.
Estate agent rang the buyer and then rang me back to say that he cannot get a mortgage.
Oh well, back to square one. I do have another viewing tomorrow though so fingers crossed.
I rang my estate agent today to ask for an update on the sale of my property, mainly because I didnt want to pay for the survey on the property I am buying until he had done a survey on mine.
Estate agent rang the buyer and then rang me back to say that he cannot get a mortgage.
Oh well, back to square one. I do have another viewing tomorrow though so fingers crossed.
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Comments
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That's annoying!
I'm surprised the EA passed the offer on to you before having seen the AIP?
What's to stop me putting on offer in on the £6,000,000 mansion in the next county? :rotfl:0 -
Who says they didn't get an AIP? I've been to look round a few places that have come back on the market after the seller was unable to get a mortgage despite having an AIP.0
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What's to stop me putting on offer in on the £6,000,000 mansion in the next county? :rotfl:
Legally? Absolutely nothing.
By law the Agent is duty bound to submit your offer as well. They have no right to demand proof of affordability whatsoever.....
It does make me laugh on this forum sometimes though when people come on to complain that an Agent has asked them to prove that they can actually afford the property and are told to tell the Agent to "mind their own business"...
Almost makes you feel sorry for agents at times.0 -
Enfieldian wrote: »Legally? Absolutely nothing.
By law the Agent is duty bound to submit your offer as well. They have no right to demand proof of affordability whatsoever.....
It does make me laugh on this forum sometimes though when people come on to complain that an Agent has asked them to prove that they can actually afford the property and are told to tell the Agent to "mind their own business"...
Almost makes you feel sorry for agents at times.
It does make me laugh. When sorting out my new build they asked to see my AIP and took my word on the size of my deposit which at my age and in general is massive, didn't come about it in the best way.
It might just be me but I'd be wanting to show the EA my AIP and any proof of other capital to show that I'm serious and to get their attention. Not to be confused with being to eager or keen though.0 -
When our offer was accepted, the agent didn't ask what the deposit was or whether we had an AIP - thinking back it seems strange that he didn't! I suppose it was because the house was empty and the owners were keen to get moving with it all very quickly.0
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We've seen cases recently where an AIP was given, then the case declined at application stage.
We've seen cases where an AIP was given, a full application submitted, underwritten and a valuation done, an offer produced and then the offer withdrawn.
There's no guarantee.
And as has been pointed out, the Estate Agency Act says agents MUST inform vendors of all offers, good, bad or indifferent.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »We've seen cases recently where an AIP was given, then the case declined at application stage.
We've seen cases where an AIP was given, a full application submitted, underwritten and a valuation done, an offer produced and then the offer withdrawn.
There's no guarantee.
And as has been pointed out, the Estate Agency Act says agents MUST inform vendors of all offers, good, bad or indifferent.
There have even been a couple of instances here where the mortgage offer was withdrawn after exhange!0 -
Irrespective of whether agents have to make you aware of all offers, I would vent at the agent here - they work for YOU, therefore with every offer you want to know if the offer comes from someone who has an AIP & you want to know that the agent has done his homework...simply showing the agent an AIP letter, with a verbal "oh yeah bank of Mum & dad will be lending me the deposit" is not enough...
Nor is the "Mind your own business" brigade...if they are serious about buying your property then they will have the deposit & the mortgage agreed in principal & they will be prepared to prove it to your agent becasue they know thats what gets them ahead of the pack & seals the deal - those are the buyers you want to be doing business with. If they havent, then its likely that you will get messed about while they try to get their financing sorted...they will just waste your time
If the agent isnt prepared to do your bidding then simply find an agent who is willing to work for you.0 -
Ouch! :eek:There have even been a couple of instances here where the mortgage offer was withdrawn after exhange!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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