DIP higher than what I'm willing to offer

AdrianC

Never, ever use a solicitor recommended by anybody on the vendor's side (and that includes the vendor's EA).

But a mortgage broker is different. The worst that can happen is you spend an hour and maybe get a better deal.

davidmcn

It only matters if you were going to use the "I can't afford more" argument in your negotiations. But it's perfectly legitimate to say "it's not worth more than £x".

pinkteapot

davidmcn said:

It only matters if you were going to use the "I can't afford more" argument in your negotiations. But it's perfectly legitimate to say "it's not worth more than £x".

This. And the latter is a much better argument anyway - the fact you can’t afford a house doesn’t mean the vendor should sell to you for less. 

We’ve never gone anywhere near the max we could borrow and it’s had no bearing on negotiations. We set a max price we’re willing to pay for a house, usually start a bit lower, go to our max if necessary, and walk away if that’s not accepted. 

BikingBud

pinkteapot said:

davidmcn said:

It only matters if you were going to use the "I can't afford more" argument in your negotiations. But it's perfectly legitimate to say "it's not worth more than £x".

This. And the latter is a much better argument anyway - the fact you can’t afford a house doesn’t mean the vendor should sell to you for less. 

Isn't it the only argument, you know what you can afford and look accordingly, perhaps accepting to look slightly beyond your reach as you expect property values to negotiated by all parties; vendors, prospective purchasers, EAs, surveyors/valuers. But your decision should be based on the perceived value to you. 

greatcrested

You will have to satisfy your solicitor of the origins of your money for money laundering purposes. So as part of that, ask the solicitor to confirm to the EA that you have sufficient funds for the offr you make.

No need to show the full details of your savings or borrowing potential to anyone but your solicitor or, as you say, broker.

diggingdude

greatcrested said:

You will have to satisfy your solicitor of the origins of your money for money laundering purposes. So as part of that, ask the solicitor to confirm to the EA that you have sufficient funds for the offr you make.

No need to show the full details of your savings or borrowing potential to anyone but your solicitor or, as you say, broker.

That seems a bit overkill as the solicitor will enjoy charging you for that 

Mutton_Geoff

6 or 7 years ago I was offering on a renovation project I was looking to buy. I was fortunate to be cash rich and already had the balance mortgage offer in place. The agent wanted to see proof of deposit as well so I printed out some statements of the deposit accounts. They refused to accept them as "they don't have the bank url at the top of the print out", ie a print setting. Any of which I could Photoshop anyhow. I told them to take it or leave it and they had a legal obligation to pass my offer to the vendor.

Crashy_Time

What you can afford and what someone`s house is worth are two unrelated things.

lookstraightahead

Putting in an offer tomorrow/Thursday. We are going to offer £237,500. The asking price is £250,000 which they reduced in October from £275,000 (has been on the market since July). we have no chain and the owners live abroad, so it's empty. We've got approx 40% deposit.