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Does estate agent want to see Agreement in Principle before putting forward offers?

ellie27
ellie27 Posts: 1,097 Forumite
Ninth Anniversary 500 Posts Combo Breaker
in Mortgages & endowments
I have heard folk on the house buying site that they have had to show their agreement in principle to the estate agent of the seller to confirm they have finance ready etc.

Does this happen when an offer is made? After offer made? After offer accepted?

Just that our agreement from our broker states our maximum mortgage amount - that maximum mortgage amount is about twice the price we think we need to pay to secure the house! So if they see we are able to get this high mortgage then surely we cant play the 'oh that is the max price we can pay'

I am in Scotland if it makes any difference.

Any help? Thanks

Comments

  • ACG
    ACG Posts: 24,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Some estate agents do want to see the DIP pre offer but what you have said is exactly the reason I try to avoid giving DIPs out until the offer has been accepted (or at least agreed subject to seeing the DIP).
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • VFR-Rider
    VFR-Rider Posts: 119 Forumite
    I flat out refused to show/ discuss any details on my finances - even when there was a 'requirement' to speak to the in house broker.

    Gave them my brokers details and he confirmed that my offer was genuine.
    saving, saving, saving!
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    VFR-Rider wrote: »
    I flat out refused to show/ discuss any details on my finances - even when there was a 'requirement' to speak to the in house broker.

    Gave them my brokers details and he confirmed that my offer was genuine.

    Me too,

    i would never give my financial position to people who ACT FOR THE OTHER PARTY.

    Despite repeated pressure that kit was 'compulsory' to see their in house broker i just laughed said, 'no thanks, you'll have details of my mortgage within a couple of days'. They didn't like it but they're used to people doing what they're told. Sod that.
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Have your broker manage the situation with the selling agent once you have put an offer in.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    conflict of interest spings to mind
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • stator
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Provide them with a photocopy with the amount covered over. It'll keep them happy. Some banks don't even put the amount on the AIP, so they don't have much choice but to accept it in good faith.
    Changing the world, one sarcastic comment at a time.
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