DIP Query

Slayerx

So I've got a viewing for a property on Friday.

The EA won't allow anyone to offer without a decision in principle which I can understand as they want to avoid time wasters.

However would this show them the most you can borrow and possible effect negotiation over price if they see you can borrow more than your offer?

ACG

Depends on the lender but most would show the maximum or what was requested yes.

One of the reasons I always tell my clients to agree a price before showing any DIP. You could take a DIP but cross out the amount. Alternatively its not uncommon where I call estate agents and tell them I have assessed them as being good for the money on the amount offered.

Slayerx

The estate agent is Your Move and I'm not a big fan, they have been less than proactive to get a viewing for a property they've had up for sale since July.

I have a feeling there going to be a pain to deal with.

ACG

knock on to the vendor and tell them the estate agent is not easy to deal with can you arrange an appointment directly with them?

Slayerx

Vendor isn't local she bought the house to do up and sell.

The property is been marketed by two EA's but the smaller EA is closed until next week.

Half tempted to view with Your Move and then offer to the local firm.

ACG

If you do that, you may find they get into an argument about who is due the fee which the vendor gets embroiled in.

Slayerx

True I just feel if Your Move are this useless now what will they be like when there suppose to be keeping the sale moving along?

Luckily it is chain free.

ACG

The bulk of the chasing is usually done by the solicitors anyway.

Thrugelmir

Slayerx wrote: »

However would this show them the most you can borrow and possible effect negotiation over price if they see you can borrow more than your offer?

What people can potentially borrow and the amount that people may offer is not correlated. A property is only worth so much.

amnblog

If I were your broker I would tell Your Move that we have a mortgage decision in principle for you sufficient for your purchase price band.

I would not provide them with figures or a dip, nor tell them which lender.

It's none of their business.