buying - estate agent wants bank statements etc

ACG

Estate agents usually want to verify offers, but this seems a little bit overkill.

amybaby

Okay well I am going to take most of what I need and as you said ask if the offer has been accepted first. It's stressing me out to be honest as I'm so new to it. I liked a different property before this one and gave everything away to the estate agent (different to this one) wish I could take my dad with me haha

Pete9501

amybaby wrote: »

Is it normal for them to ask for it all?

Its a business and the owner of the estate agency wants to make lots of money, think of Sir Alan. They happen to sell other peoples houses but that's by the by it could be anything, the aim is to make money. When you buy shoes do they offer you polishes and stuff? yes because the mark up is huge and it helps the profits.

You are one of the sources of money, the vendor is the other.

amybaby wrote: »

I could take my dad with me haha

Taking grumpy old dad, even if he has to act it, would be a good move in the future.

amybaby

Thanks I hate all this hard sell but I guess that comes with buying the house! I was trying to find something on the web to say I shouldn't have to provide so much, feel a bit like it's invasion of privacy. I am going to take my payslips/p60 AIP and proof of deposit, then if they really need anything further they can call my broker!

stator

It's not normal, no. Usually the AIP is enough. But if you really want the house you have to play by their rules. You can always write a letter of complaint after completion

anselld

I agree with all above re sales pitch, but even more to the point you have not had the offer accepted yet by the vendors. DO NOT show your hand at this point in terms of affordability. The EA works for the vendor and they will use this information to support their negotiating position.

Put your offer in writing stating that affordability has been agreed in principle and you will share this information only after the offer is accepted.

kaya

It's unfortunate but there are a lot of muppets about who cannot afford the property they bid on and the estate agent is possibly just being diligent ( estate agents aren't qualified and he might have been working in McDonald's last week) . But as for wanting to see bank statements I would tell em where to go! We showed proof of deposit and the mortgage approval and that was that , however our buyer and worse than useless estate agents are so incompetent they didn't even bother checking our buyer had the deposit money so we are 3 months in now and still waiting to exchange, there was no "it'll take an hour" interviews either. You are perfectly within your rights to knock on the vendors front door and give them your offer personally provided the estate agent still gets their cut as per the agreement you signed

duchy

stator wrote: »

It's not normal, no. Usually the AIP is enough. But if you really want the house you have to play by their rules. You can always write a letter of complaint after completion

And this attitude is why estate agents get away with blackmailing people like this.
All they need to see is AIP and deposit proof- the rest of it is none of their business.

I don't for a moment believe all this is because three earlier offers have fallen through because people couldn't get mortgages . Any competent agent would have asked for AIP and deposit proof the previous three times surely ?

katsu

I think I would show AIP and maybe deposit but I don't see why they need your bank statements, your mortgage advisor saw them to get the AIP surely?

AlexMac

amybaby wrote: »

Is it normal for them to ask for it all? I didn't really want to give them all my bank statements etc just my offer in principal and deposit proof, everything else is already provided to my broker. Good idea about the relative!

Dunno about 'normal' but round here it's common, as often in the past few years we've had several buyers chasing each decent house as it comes on the market, so we went along with it when asked on house-hunting three years ago. I just produced a spreadsheet of savings and statement for the 1.25% mortgage I was 'porting; and they were
-a) reassured my offer was kosher
-b) knew they were was no point wasting their breath on a sales pitch- in fact, I genuinely think the emphasis was on checking my bona-fides and the best person in the office to to that was their FA

But then no-one has ever sold me anything I don't want so they got fa!