Oh dear lol

ValHaller

Hillbilly1 wrote: »

When I was an EA people were SO rude when you asked to see an AIP or told them to go to a mortgage bod - attached to the company or not.

Not surprising when the anecdotal evidence and a small whiff of understanding of the Human Condition indicate that Agents will mostly do everything in their power to abuse the knowledge so gained.

Hillbilly1 wrote: »

I can't believe people look without any idea what they can spend!

Many a slip twixt cup and lip. Mostly, I believe they have attempted to find out - although a few won't. People who have had a mortgage quote and AIP can fall by the wayside due to

• Lender not credit checking at AIP stage but taking application at face value - to discover adverse on borrower's file which borrower may or may not have been aware of
• Lender reevaluating affordability at a late stage
• Employer refusing to verify overtime not wanting to promise anything to employee - employee and lender fully understanding that overtime is not guaranteed
• Property not valuing adequately
• Issues over family gifted deposits
• etc

What is required is for the Estate Agent to butt out of verification of buyer funds and for the buyer's solicitor to undertake this task and report to the Agent as part of the standard process for house purchase.

Kynthia

Not having an AIP doesn't mean the buyer hasn't found out what they can potentially borrow and looked carefully at their own finances. I've already spoken to a broker, understood what lenders will typically lend to me and looked at what I believe I can afford based on what the monthly repayments are, future interest rate increases, if one of us should lose our jobs or go part time, etc. However I don't have an AIP because mortgages and rates being offered are changing so frequently it is not advisable to get one until I've found a house I want to buy.

olly300

ValHaller wrote: »

Not surprising when the anecdotal evidence and a small whiff of understanding of the Human Condition indicate that Agents will mostly do everything in their power to abuse the knowledge so gained.

It's common in my area for EAs to push the price up of properties once they see your AIP particularly as quite a few people have reasonable deposits. Hence no-one who knows anything will let an EA see how much they could potentially borrow.

Muscle750

We just sold our late parents house first agent £220k second one £250k 3rd one £275k who had the business it sold for that within 2 hours of going on market
Te buyer was "on their books" took just under 6 weeks from viewing to completion