Advice Needed!

harbourview

Hi,

Looking for some advice please.

I am a first time buyer and have recently had an offer accepted for a property.

The Estate Agent has contacted me to say they cannot take the property off the market as they require "proof of funding"

My broker has therefore contacted them to let them know I have financial agreement for my offer, she said if I have to provide approval in principle I will lose negotiation power as it will suggest I can borrow more than I am paying for the property - the estate agent will then have reason to try and make me increase my offer.

Will this statement from my broker be enough to appease the estate agent?

Many thanks

megaginge

It should be.

They have no right to this information. That isn't their job. Sounds like they want to "invent a buyer" and squeeze more money out of you.

If they come back again, I'd POLITELY (emphasis, don't !!!! them off) say that your conveyancers have proof of your deposit, that you've got agreement in principal, that you're an FTB with no chain and that if they don't take the property off the market you'll have to look for another property.

Your circumstances are ideal for them. They are unlikely to let you walk away.

Thrugelmir

harbourview wrote: »

My broker has therefore contacted them to let them know I have financial agreement for my offer, she said if I have to provide approval in principle I will lose negotiation power as it will suggest I can borrow more than I am paying for the property - the estate agent will then have reason to try and make me increase my offer.

Complete tosh.

A property is worth what somebody is willing to pay for it. Not the estate agents property to sell. It's the vendors. The price offered has to be acceptable to them.

Anyway the commission EA's receive isn't worth the bother on an extra £k or so. EA's only earn money when a property sale completes.