How much proof to vendor/estate agent?

TB1987

Hi all,

Looking for some help and reassurance if possible please!

We have viewed a property last weekend which we have fallen in love with. We put an offer in on Saturday afternoon and, as expected, the estate agent has called us this evening to let us know it is going to final and sealed bids. They have had 14 offers in total.

They have asked for proof of funds and as much detail as possible to give to the vendors who will be making the final decision. Our situation is that we have an AIP from our broker which we have provided and our current house also has an offer which our estate agent has vetted and the next steps of survey/our buyers mortgage are happening. 

How much more proof do I need to give this estate agent? Do I need to drill down as much as our house as sold for x amount which will give us x amount equity which more then makes up the balance of the offer we are making along with our AIP? Do I need to provide a screenshot of our outstanding mortgage amount even? Or is it enough to say I have an offer and my selling estate agent is more then willing to confirm this all by email to the property I want to buy estate agent?

Hope this makes sense. Thanks in advance for any help and reassurance

chanz4

Just the AIP carefull to give too much, they just use to drive up the price

Thrugelmir

chanz4 said:

Just the AIP carefull to give too much, they just use to drive up the price

There's 14 offers on the table already.  That's why it's going to sealed bids.

TB1987

chanz4 said:

Just the AIP carefull to give too much, they just use to drive up the price

Thanks so much, much appreciated. 

That is what my husband and I are going back on forth on, if we provide them with exact figures on what our outstanding mortgage is and the offer we have from our buyer, it may make them think they can ask us to increase our offer. I am all for giving proof and understand why our AIP is wanted but not sure how much business our exact mortgage info is to them.

At the same time I understand how crazy the market is at the moment and how bids are being placed at thousands over so they may need to prove who is procedable - anyone can offer £30,000 over and not fully prove it. Difficult times! 

Thanks again 

propertyhunter

No need to give them exact figures. I sent an email to my broker to confirm I could afford the amount offered. I attached that email as a pdf to my offer. Also enclose your solicitor's details to show you can move quickly.  

I was also in your position exactly 2 weeks ago (with 14 offers). I was actually successful, but probably because I went 3% over asking. We're not planning on moving for a very long time. 

Thrugelmir

TB1987 said:

chanz4 said:

Just the AIP carefull to give too much, they just use to drive up the price

At the same time I understand how crazy the market is at the moment and how bids are being placed at thousands over so they may need to prove who is procedable - anyone can offer £30,000 over and not fully prove it. Difficult times! 

That's what the EA is attempting to avoid. A complete waste of everybody's time. Serious buyers only........

Deedoodee

TB1987 said:

chanz4 said:

Just the AIP carefull to give too much, they just use to drive up the price

Thanks so much, much appreciated. 

That is what my husband and I are going back on forth on, if we provide them with exact figures on what our outstanding mortgage is and the offer we have from our buyer, it may make them think they can ask us to increase our offer. I am all for giving proof and understand why our AIP is wanted but not sure how much business our exact mortgage info is to them.

At the same time I understand how crazy the market is at the moment and how bids are being placed at thousands over so they may need to prove who is procedable - anyone can offer £30,000 over and not fully prove it. Difficult times! 

Thanks again 

I was nervous about this when I offered on a smaller house than I could afford. The EA had all my information/proof from when I bid on a bigger house (same agent) . But I figured I knew how much I wanted to pay for the smaller one and what my limit would be so it wouldn't help the EA or vendor to push it up. It was fine because my offer at asking was accepted. The EA didn’t call back and suggest there was a higher offer or anything. I think maybe them seeing my maximum was reassuring for them. Or a sign I could have offered a lot less!