Showing my hand to EA?

Sparky85

Is it normal for an EA to request to see a letter from the bank regarding mortgage approval before accepting bids on a property?

The approval letter I have has a figure on it and obviously I don't want the EA to know my top budget. This is prior to going sale agreed or anything. The agent has a number of properties listed I would be interested in if the one I'm currently looking at doesn't work out.
I put in an offer on Friday evening, she said she'd need to see paperwork by Monday. She rang an hour later to say other bidder has gone up another 2k on my offer... So I said leave it with me over the weekend & I will contact her Monday morning.
I'm going to up my offer but don't fancy giving her the approval letter as it will show my hand regarding top budget.

Uriel.

Sparky85 wrote: »

Is it normal for an EA to request to see a letter from the bank regarding mortgage approval before accepting bids on a property?

The approval letter I have has a figure on it and obviously I don't want the EA to know my top budget. This is prior to going sale agreed or anything. The agent has a number of properties listed I would be interested in if the one I'm currently looking at doesn't work out.
I put in an offer on Friday evening, she said she'd need to see paperwork by Monday. She rang an hour later to say other bidder has gone up another 2k on my offer... So I said leave it with me over the weekend & I will contact her Monday morning.
I'm going to up my offer but don't fancy giving her the approval letter as it will show my hand regarding top budget.

Give her a copy of the letter with the value you amount blacked out. She'll then know that you have approval but won't know the value of that approval. That's the approach I have taken previously as have many others and it works fine. If she wants a value amount, which I doubt she does, then tell her to take a hike

Giblet

Redact the amount.

CaoimheSquee

You only need to show you are approved, they do not expect to see how much for so block the figure out.

Think about it, if the EA is not asking everyone for this I would be highly annoyed - and suspect, as that means anyone can and is bidding pushing up the price of a house and nothing is happening to ensure that all are approved and can actually buy the house.

Best of luck!

SarahS2013

Yeah any house I bid on wanted proof of mortgage approval.

Cossax

To piggy-back on this, I've provided a redacted proof of approval but the EA is asking for the un-redacted figure.
I am very slow to do this for obvious reasons, even if he doesn't know how much of a deposit I have.

Anyone gotten around this? Bank/solicitor's letter stating you have funds to back a bid at €xxx,xxx?

Tuesday_Girl

I was able to bid least year without showing any paperwork, was eventually pipped at the post but came very close without showing any proof. Bidding again now and they haven't asked for anything beyond a verbal confirmation that I have approval.

Michael D Not Higgins

Cossax wrote: »

To piggy-back on this, I've provided a redacted proof of approval but the EA is asking for the un-redacted figure.
I am very slow to do this for obvious reasons, even if he doesn't know how much of a deposit I have.

Anyone gotten around this? Bank/solicitor's letter stating you have funds to back a bid at €xxx,xxx?

No I wouldn't even entertain that. You'd have to go back to the solicitor every time you submit a new bid.

April 73

That EA is pushing his luck. Why should they know your mortgage approval figure? It plays into their hands.

PhoenixParker

When we visited the bank, they were willing to print us out a letter of approval in principal for whatever value we wanted upto our max. Try asking your bank to print a series of letters of approval in increments of E20K.

L1011

Cossax wrote: »

To piggy-back on this, I've provided a redacted proof of approval but the EA is asking for the un-redacted figure.
I am very slow to do this for obvious reasons, even if he doesn't know how much of a deposit I have.

Anyone gotten around this? Bank/solicitor's letter stating you have funds to back a bid at €xxx,xxx?

Tell the EA to get lost and look at a different house. He is clearly attempting to find every last cent he can milk.

Sparky85

Hi OP here, I have since provided 2 different EA with approval letter with amount redacted, this was sufficient for them to accept my bids.
Dropped out of the running on the first property beacuse the other party went bananas bidding an amount it's definitely not worth, waiting to hear from the second EA this evening hopefully on the property I currently have a bid on.

FYI I submitted this current bid via email, 2 hours after viewing the property on Saturday. I attached said letter (amount redacted) and included my solicitor details to indicate I am very serious and am ready to move on this immediately and will not hold up the sale in any way. The house is empty as seller lives abroad so I'm hoping this tactic pays off.

Gomango

Sparky85 wrote: »

Hi OP here, I have since provided 2 different EA with approval letter with amount redacted, this was sufficient for them to accept my bids.
Dropped out of the running on the first property beacuse the other party went bananas bidding an amount it's definitely not worth, waiting to hear from the second EA this evening hopefully on the property I currently have a bid on.

FYI I submitted this current bid via email, 2 hours after viewing the property on Saturday. I attached said letter (amount redacted) and included my solicitor details to indicate I am very serious and am ready to move on this immediately and will not hold up the sale in any way. The house is empty as seller lives abroad so I'm hoping this tactic pays off.

I have been bidding on a property for the last 3 weeks. I had offer accepted last week and was only then asked for letter from bank to show approval in principle. I sent it with amount redacted, this was enough to satisfy the estate agent.

There is no way I would be showing the loan amount to the estate agent OP.