Offer to be "financially qualified" by the EA

jonny_power

What does this mean? I'm waiting for a call back before our offer is put to the vendor.

Thanks!

maninthestreet

They want to sell you financial products - mortgage, insurance, etc.

jonny_power

maninthestreet wrote: »

They want to sell you financial products - mortgage, insurance, etc.

Ok, I can deal with that! Just wanted to check in case I need to provide details over the phone.

Thanks!

Kaj

they will ask for infomation about your deposit,lender and probobly offer you a comparison.

InkZ

Countrywide Estate Agent?

They don't put an offer forward until they've checked you really have the money. They may try selling you something but when I did it I just said no thanks and they looked at my Agreement in Prinicple then put the offer in.

BitterAndTwisted

Whatever you do, do not let them know what your upper limit is or they'll encourage the vendor to refuse your offer and get the sale price up to your maximum. This is usually the purpose of them insisting you to see their own mortgage advisor before they will convey your offer to the vendor.

ruggedtoast

They can insist whatever they want, they cant make you offer more than you think the property is worth.

JQ.

DO NOT give them any of your financial information - you are negotiating against them, it's like showing them your hand in a game of poker and then carrying on betting not knowing what their hand is. All they need to know is that you have the deposit and an AIP from your mortgage provider and are therefore in a proceedable position.

jonny_power

Just spoke to them. He wanted to know about our AIP, the size of our deposit (answered in terms of LTV), the name of our independent mortgage advisor, if we had any bad credit experiences in the past, and our gross annual income. Didn't think answering any of them would work against us... we know we can borrow more than our offer but that doesn't mean we'll offer more than we think the house is worth!

Cheers for your help guys

Funkygibbon

I wouldn't have told them my gross annual income.

kingstreet

Qualifying offers made me really bloody-minded when I was an EA adviser.

I'd phone them and ask them;-

"Have you got an AIP? Can you afford the deposit and the fees? Are you happy with the advice you've received?"

I'd then pass it back to the negotiator and say "they're fine."

I thought it was a waste of my time when they had clearly told the negotiator they were capable of proceeding and there was no way I'd divulge private information so the negs could use it as a negotiating tool to get the offer increased.

I wasn't always popular, but my clients always knew whose side I was on.