Is this normal when buying a house?

pioneer22

Hi,

We've put in an offer on a probate house, we've had a cash buyer accept on ours and we have an AIP.

The estate agent asked us to go in and "validate" our mortgage offer I just had to go in with my ID and a copy of the AIP.

Is this normal? I have to say they were asking about outstanding mortgage etc and I didn't really like giving them that info.

Anyway I managed to get a glimpse of their sales board, we've offered 210 someone else 220. But only 2 offers...


Any pointers or advice?

stingey

Hi

Alot of Estate Agents now ask to see your AIP, it's to stop time wasters. ID, it depends how you feel.
The Estate Agent who advertised the house we're buying asked for it, but we're happy for our solicitor to perform the ID checks and confirm the details with the selling solicitor and EA. In fact our missives have concluded (Scotland) and we haven't given the EA our ID.

They just want to make sure you won't pull out.

Outstanding mortgages - don't give them the info if your not happy. I don't see why they need to know.

Surrey_EA

stingey wrote: »

ID, it depends how you feel.

It's to comply with anti money laundering regulations.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/801373/EAB.pdf

It's something that is being given quite a bit of attention by HMRC, and is not really down to whether you feel like doing it or not.

cloo

It's quite normal, some agents are more hot on it that others. I don't think we were asked for proof of funds, for example, but I know a lot of people have been.

Surrey_EA

cloo wrote: »

asked for proof of funds.

It's starting to get a bit ridiculous, proof of funds is one thing, but we are now being told that we must evidence of the source of funds/wealth too.

Seeing on here how getting asked for ID upsets some people, I can only imagine what will happen when they are asked to prove where their money has come from!

pioneer22

The vendor has said they want to "see how it goes as the open day was only on Saturday"

They have our offer and another at 220 which it was listed for any idea why they're holding out?

It's need a lot of work to get it "modernised"

Any tips as to how we can get the vendor to hurry up, the EA hasn't asked for a higher price or to negotiate

anselld

pioneer22 wrote: »

The vendor has said they want to "see how it goes as the open day was only on Saturday"

They have our offer and another at 220 which it was listed for any idea why they're holding out?

It's need a lot of work to get it "modernised"

Any tips as to how we can get the vendor to hurry up, the EA hasn't asked for a higher price or to negotiate

What is the point in hurrying them up when you know you have been outbid by £10k? Surely in the absence of other offers they will either accept the £220k or keep waiting.

Mutton_Geoff

pioneer22 wrote: »

The vendor has said they want to "see how it goes as the open day was only on Saturday"

They have our offer and another at 220 which it was listed for any idea why they're holding out?

It's need a lot of work to get it "modernised"

Any tips as to how we can get the vendor to hurry up, the EA hasn't asked for a higher price or to negotiate

Achieved selling price should be just a part of the vendors decision making process depending on how quickly they want to sell. A “no chain cash buyer who doesn’t want a survey” would be worth something to a vendor compared to an offer from someone who had just come to market with an overpriced home and a potential large chain above them.

Just be patient. And keep looking at other properties with the same agent so they know you’re “hot to trot” and their other vendor might lose you if they don’t hurry to a decision.

Don’t forget that until contracts are actually exchanged (in England) then the deal isn’t done.

getmore4less

Sometime people put up properties at a "price to sell" not a price to be knocked down from.

Priced to sell gets the interest of people that are prepared to take it on and is often quicker than overpricing and then dropping.

what does your research say it is worth and how it has been priced.

Going in with an offer below asking when it is potentially(we don't know you should) clearly worth more could be foolish.

pioneer22

Research doesn't really show its worth 220, as it needs a lot of work doing to it. And it is leasehold with a 300 year old lease, the area is popular though.

rightmove.co.uk/property-for-sale/property-64576407.html

Thrugelmir

pioneer22 wrote: »

The vendor has said they want to "see how it goes as the open day was only on Saturday"

They have our offer and another at 220 which it was listed for any idea why they're holding out?

It's need a lot of work to get it "modernised"

Any tips as to how we can get the vendor to hurry up, the EA hasn't asked for a higher price or to negotiate

Has probate been granted yet?

Only the agent will know the number of people that expressed an interest after the open day. Might still be waiting for someone to make an offer.

Sometimes people will pay for the "potential". If there's plenty of room to extend.