Estate Agent looking for a copy of mortgage approval

jvlme

Hi all,

currently in the process of buying a house and have put in an offer The estate agent mentioned at the time, that he will need to get a copy of our mortgage approval. At what stage of the process should that be required and should you disclose the actual amount approved or blank that out?

Thanks
John

Tow

It is none of their business.

D3PO

Tow wrote: »

Just tell him to F... ...

It is none of their business.

I was asked for the same by a Remax agent when I was buying years ago and said the exact same thing.

I understand the logic they want to see that you have approval but as far as Im concerned Im not interested in doing business with somebody who doesnt believe my offer is genuine.

Do these fu*king idiots think Im going to put in an offer hand them over a booking deposit and waste my time and incur legal costs without actually having the ability to access the amount of my offer.

Incidently said house ended up being sold for 20k less than I offered in the end. So that smart arse agent cost his client 20 grand.

beertons

They probably want to know how much of a deposit you have. Then they can hold out for another 10k on the price.

bobbyg

We have bid on three different houses in the last two months and have been asked each time by different agents to see our mortgage approval. I scanned a copy and blanked out the amount we were approved for. Seems like most agents won't accept an offer now unless they know you are mortgage approved.

Ortiz

In most receiver sales the receiver requires a proof of finance document. Sme owners can also often make this request. This is more than likely the reason the EA has requested this.

Get your bank manager to drop them a letter stating you have the funds to cover €x amount (your offer). This will be sufficient for the EA and will also not be invasive

pippip

We are currently getting a mortgage with boi and the mobile rep we used said that if an agent wanted a letter to call the branch and they would do out the letter to what we were offering (not what we were approved to).

In the end we went sale agreed at a good price because the seller wanted a quick sale and we were mortgage approved so can make the difference to prove it, although we never needed the letter.

Bigcheeze

D3PO wrote: »

I

Do these fu*king idiots think Im going to put in an offer hand them over a booking deposit and waste my time and incur legal costs without actually having the ability to access the amount of my offer.

Yes because lots of people out there put in offers on the assumption they will get mortgage approval. Three months later the seller is back to square one.

Showing you have approval is to your advantage as the buyer is more likely to accept your offer even if it's not the highest.

Same goes with people bidding subject to the sale of their own house. People not in a chain will often secure the house for a lower price than the highest bidder.

D3PO

Bigcheeze wrote: »

Yes because lots of people out there put in offers on the assumption they will get mortgage approval. Three months later the seller is back to square one.

.

Perhaps change the system to that used in Scotland. Offer is binding once made, so buyer must complete or forfeit their deposit.

that would stop people making offers before getting approval.

Its a sad state of affairs that EA's are looking for this because idiots are putting in offers without finance.

Marcin_diy

when I was buying house I was asked the same, so I went to my bank and asked for a document. I asked bank to put there amount that I was willing to offer and no cent more. This leave agents in unconfortable situation as they cant negotiate, as they see straight away what is the max offer from your side.

killers1

A letter from your bank or broker saying 'I confirm that Joe Bloggs has obtained sufficient mortgage approval the purchase (insert address) for agreed price of €X' will suffice. Never divulge loan approval amounts etc or they may try to squeeze more out of you if they can see the approval is for higher than the purchase price. It is none of their business but in an era where they ask for it just use the above letter. I wouldn't be volunteering it at the offer stage and would simply say 'If my offer is accepted I'll have confirmation of my loan approval to you in an hour'

jvlme

Thanks everyone for your advice. Much appreciated. Boards.ie rocks

Duckjob

Send them a scan of the approval but with ALL financial info blacked out. This is good since it lets them know you have serious intent to buy. Doesnt matter if the approval is for a different property - it's a demonstration of your intent to buy that you have been through the approval process.

If they come back asking for the financial info don't fob them off with excuses just tell them straight off you won't be disclosing that information to them.