Question re agents

CD-R 80

Hi,

In the bidding process at the moment (me v 1 other person apparently) & am the leading bidder at present.

The agent rang me during the week and stated to me that they require a copy of my letter of offer along with proof of earnings. They also spouted some cr*p saying "we feel you're the stronger bidder of the two" and "we're in you're corner" etc..

Is this common practise?

shruikan2553

I wouldn't give them proof of earnings until they have accepted yours as the final offer.
The only corner an agent is in is there own which shares things in common with the seller.

I've hear of them looking for proof that you have been accepted for a mortgage but not for earnings.

nj78

It is definitely common practice for the EA to spout cr*p.

I went through the bidding process a few times recently but have never been asked by the EA to provide proof of earnings, etc. I absolutely would not give them any indication of what your buying power is, they are fishing for your maximum price and will use it to squeeze you.

You will provide loan offer, etc. to the seller's solicitor after sale is agreed

Arbiter of Good Taste

nj78 wrote: »

It is definitely common practice for the EA to spout cr*p.

I went through the bidding process a few times recently but have never been asked by the EA to provide proof of earnings, etc. I absolutely would not give them any indication of what your buying power is, they are fishing for your maximum price and will use it to squeeze you.

You will provide loan offer, etc. to the seller's solicitor after sale is agreed

This poster is correct. They are probably looking to see how high you will bid. If you have mortgage approval from the bank, then that's enough for them. It's enough for the bank to see your proof of earnings. Furthermore, if you send the mortgage offer, don't let the agent know how much the bank is approving. Make sure that info is blanked out.

CD-R 80

I was thinking the same re proof of earnings. Thanks for the responses

P_1

A bank statement that closely resembles a CIA document released under a FOI request might be the way to go. Black out everything (including figures) apart from a monthly (or weekly depending on how you get paid) statement of a lodgement from work (ie your wages coming in)

Arbiter of Good Taste

P_1 wrote: »

A bank statement that closely resembles a CIA document released under a FOI request might be the way to go. Black out everything (including figures) apart from a monthly (or weekly depending on how you get paid) statement of a lodgement from work (ie your wages coming in)

But why should the agent have the right to ask for that info? If the bank has agreed a mortgage, then the bank has seen all that info and is suitably satisfied that the OP has sufficient earnings.

Little Miss Cutie

We have been in countless bidding wars and never been asked for this.

I have heard of people getting a letter from their solicitor confirming that they have sufficient funding in place without mentioning any specific figures.

Personally I would not be willing to handover my bank statements or offer letter.

Santa Cruz

Well you can go all righteous about it but if the agent insists then you don't have much option. It's not unreasonable to show that you have the wherewithal to purchase a property before the seller turns away other prospective buyers. If you were selling you would do the same.

BeatNikDub

Just get a letter from solicitor or bank to advise proof of funds.
They do not need to state amount, that will suffice. You should not have to be showing bank statements!

adelcrowsmel

I have recently gone sale agreed on a property. The EA had asked me on my last bid if I could stand over the amount I was offering and then only when my offer was accepted and gone sale agreed did the EA ask me for my letter of offer - they just want to know that you have finance in place and are legit. They told me to black out all the details if I wanted...like the actual amount of a mortgage I was actually getting.

I wouldn't be giving any EA proof of your earnings and I also wouldn't give them even the letter of offer until the sale has been at least agreed....not while you are still in the bidding stage!!