Why do Estate Agents want to know how much deposit u have after offer being accepted?

ukbondraider

Anyone know if it is just procedure for estate agents to ask for how much deposit you have once the vendor has accepted your offer?

Is it an indication that the house is overvalued and that they are keen to see a large deposit so that the mortgage valuation wont be a problem?

I have just bought a house and know I have definitely paid top wack for it but the fact of the matter is that that I have been looking for a year and simply cant find nice looking houses (from the exterior, yes a nice exterior is more important). My prospective 4 bed detached purchase costs more than 6 beds in the area. Despite knowing this I cant justify the ugliness of these very square 6 beds and still would expect mine to sell at a premium even though it is smaller.

Just want to know if the EA and vendor has possibly succeeded in their inflated attempt. Even though it is top wack for the area, the same price cannot buy anything close in neighbouring areas including the area I live so from my point of view it is cheap as what I get I cannot get anywhere else.

Whether I am getting screwed or not, the lack of nice looking houses with the combination of councils packing in all new builds and the trend to build more apartments and townhouses instead of large detatched houses means I have just got fed up and bought something I can easily afford and something I like.

ukbondraider

To confirm I am paying 9.4% more than an equivalent house sold for 18 months ago.

This means for the last 18 months the house has been increasing £2000 a month.

Expensive right?

djm1972

It wasn't asked of me from my seller's estate agent. No idea whether my estate agent asked my buyer what their deposit would be.

The first mention of it I heard was on my buyer's solicitor's questionnaire asking if a 5% deposit was acceptable.

divadee

I have deleted some posts off this thread as they are argumentative.


PLEASE BE NICE TO ALL MONEYSAVERS. THERE IS NO SUCH THING AS A STUPID QUESTION!!!!

nelly_2

divadee wrote: »

I have deleted some posts off this thread as they are argumentative.


PLEASE BE NICE TO ALL MONEYSAVERS. THERE IS NO SUCH THING AS A STUPID QUESTION!!!!

I'll take it you aint seen some of student phils questions then

scorpio_princess

Seems like selective censorship to me...

My post (which was deleted) was not offensive or argumentative - I didn't swear or get personal, so I don't understand why it was modded

Before you know it, differing opinions won't be allowed on here at all.

Anyway, the gist of what I said the first time is this: a house is only worth what someone will pay for it - the OP paid it, so can't complain that it was overvalued.

chant1l

It should be standard procedure to ask such questions, as they should be establishing if you can afford it or not.
The deposit level will have no bearing on the valuation.
£2000 per month is possibly not massive as it depends more on the desirability of an area, would you be happier if the pricing was falling?

Only a buyer can inflate a price successfully, the vendor and estate agent alone cannot do this, and oddly once this is done a new area precedent is set for the next inflated price......

Wig

chant1l wrote: »

It should be standard procedure to ask such questions, as they should be establishing if you can afford it or not.
.

I agree it is a valid question, as the EA code states that an Agent should ask questions of a buyer to establish how much of a safe bet they are for an uncomplicated transaction. However, I'd have thought the time to ask the questions would be before the offer is accepted.

terrierlady

yes the time to ask the question is before the offer is accepted same as getting you qualifield by the F.A.