Estate Agent requesting AIP??

harding1985

Hi All,

I'm wondering if anyone can answer this please... We have put an offer on a 4 bed house and the estate agent have requested our mortgage AIP and also want the AIP from the buyer of our house.

Is this usual practice? seems abit odd to me.

Thanks :beer:

dotdash79

Has the offer been accepted? Have you used a mortgage broker?

They might be trying to work out if they can get more cash from you, Not sure why they would want your buyers AIP. To be honest it's not your information to give away.

If you have a solicitor give the estate agency there details and tell them to speak to them about affordability.

harding1985

dotdash79 wrote: »

Has the offer been accepted? Have you used a mortgage broker?

They might be trying to work out if they can get more cash from you, Not sure why they would want your buyers AIP. To be honest it's not your information to give away.

If you have a solicitor give the estate agency there details and tell them to speak to them about affordability.

No, im using my existing bank who I have an existing mortgage with.

I have yet to appoint a solicitor. It seems v odd and I suspect they are trying to sell the property to preferred client

Kynthia

When my offer on a property the agent kept asking me for my AIP. I delayed them and told them I was seeing my broker, told them I was sending off documents, told the what solicitor I'd appointed, told them what mortgage lender I was applying with, told them I was booking a survey, etc. By that point they'd forgotten that I'd never sent them the AIP, I'd shown I was serious and committed funds to the purchase. Then my mortgage offer came through and it was a null point.

pinkshoes

Just ask for an AIP for the price you have offered. That way they won't know your budget.

harding1985

pinkshoes wrote: »

Just ask for an AIP for the price you have offered. That way they won't know your budget.

Why are they asking for our buyers AIP?

pinkshoes

harding1985 wrote: »

Why are they asking for our buyers AIP?

So the chain doesn't collapse I.e your buyers also have sufficient funds.

cheesepuffdeathsquad

i've made two bids as a FTB with the same agent and both times they have asked for (the same) AIP and proof of deposit. i didn't think anything of it as a FTB (especially given the first bid was on a repo flat).

harding1985

pinkshoes wrote: »

So the chain doesn't collapse I.e your buyers also have sufficient funds.

That's fair enough. Am I within my rights to request and give our buyers AIP to the estate agents of the house that we potentially buying?

ACG

You cant give them your buyers AIP as:
1) You wont have it
2) Your agents can not give it to you - Data protection
3) You cant give it to others because of the above.

Tell them they are cash buyers if it helps and there is no chance you are going to be given statements showing the money.

pinkshoes

Your own estate agent can ask for your buyers AIP. They won't be able to pass it on directly without permission of your buyers, but they could "give their word" to the other estate agent you're buying from.

(or perhaps the estate agents won't trust each other's words? Wonder why...)