House purchase question
Discussion
Hello
I have been looking at a property which has been on the Market for about 6 weeks. It's a reposession which the bank is now in control of and trying to sell.
After veiwing the property were very interested in it from an investment point of veiw. The mortgage has been approved in princible, we phoned the estate agent and told them our offer to which he replied that the bank want to see a mortagage in princible before reveiwing our offer. We asked our broker to fax the details to the estate agent.
This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
I have been looking at a property which has been on the Market for about 6 weeks. It's a reposession which the bank is now in control of and trying to sell.
After veiwing the property were very interested in it from an investment point of veiw. The mortgage has been approved in princible, we phoned the estate agent and told them our offer to which he replied that the bank want to see a mortagage in princible before reveiwing our offer. We asked our broker to fax the details to the estate agent.
This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
N10k said:
Hello
I have been looking at a property which has been on the Market for about 6 weeks. It's a reposession which the bank is now in control of and trying to sell.
After veiwing the property were very interested in it from an investment point of veiw. The mortgage has been approved in princible, we phoned the estate agent and told them our offer to which he replied that the bank want to see a mortagage in princible before reveiwing our offer. We asked our broker to fax the details to the estate agent.
This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
As a vendor they can ask for whatever they want. I have been looking at a property which has been on the Market for about 6 weeks. It's a reposession which the bank is now in control of and trying to sell.
After veiwing the property were very interested in it from an investment point of veiw. The mortgage has been approved in princible, we phoned the estate agent and told them our offer to which he replied that the bank want to see a mortagage in princible before reveiwing our offer. We asked our broker to fax the details to the estate agent.
This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
If you want the house and have the money, I'd just do as they ask.
Last two properties we bought the state agent seemed to want far too much control of the process and offers.
The last refused to promote our offer unles sthey had arranged a mortgage for us. I went direct to the seller with a recording of the conversation.
As this is a repo, I would make the offer in writing, and then ask when the offer will be advertised in the local papers. The seller has to advertise the highest offer in the paper prior to acceptng yours, but they will accept in principle.
Depending on the property, it may be worth waiting till it goes to auction. The last flat was up for £110k, I offered £92k which was accepted. The agent then advised that as the flat was already booked in for an auction we had to exchange next day, or lose it at auction.
Auction hammer fell at £70k!
Bit of a gamble, but we were happy.
I also assisted teh previosu owner in contesting that the mortgage company had met the requirements of sale as they sold the property for £22k less than they had been offered, which saved him paying the deficit back.
The last refused to promote our offer unles sthey had arranged a mortgage for us. I went direct to the seller with a recording of the conversation.
As this is a repo, I would make the offer in writing, and then ask when the offer will be advertised in the local papers. The seller has to advertise the highest offer in the paper prior to acceptng yours, but they will accept in principle.
Depending on the property, it may be worth waiting till it goes to auction. The last flat was up for £110k, I offered £92k which was accepted. The agent then advised that as the flat was already booked in for an auction we had to exchange next day, or lose it at auction.
Auction hammer fell at £70k!
Bit of a gamble, but we were happy.
I also assisted teh previosu owner in contesting that the mortgage company had met the requirements of sale as they sold the property for £22k less than they had been offered, which saved him paying the deficit back.
N10k said:
Hello
This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
Repos are different. It is often the case that the bank will have several offers. The bank may not necessarily sell to the highest bidder but to that party who can show the readies - if you have your mortgage in principle and a deposit in your savings account (as you seem to have suggested to the agent) then you would want to show as prove that you are ready to move.This morning we get a call from the estate agent asking for proof of our deposit in the form of a bank statement.
Is this leagal for them to ask for this?
The mortgage in princible will surely be enough prove we have been accept and our intent to purchase the property.
Could it be th estate agent being a pain?
Thanks
You do not need to show it but then the agent may refuse to put forward your offer on the basis you cannot meet the purchase criteria. The bank wants a quick sale and the agent is facilitating it, not being awkward.
Edited by thebullettrain on Friday 15th January 14:24
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