EA asking for proof of funds

Clearlier

Butters1979 wrote: »

The EA works for the vendor and has interest in getting the most possible for the house. Revealing exactly how much you can go up to in this situation is insane. Both the buyer and the vendor risk time wasters and it's the nature of the business, they have to just live with it.

Also I'd love to see the source that says 75% of sale agreed situations are falling through because of bidders without enough funds for what they bid. It sounds made up.

It's a common mistake but EA's are more interested in getting a sale than the highest price. It's not really in their interest to prolong the process to get an exta couple of thousand as they're only seeing 1 - 2% of that. That's not to say that they don't look for the highest price just that they're more interested in getting a sale.

Edit: Obviously it would be stupid to show the EA the max that you can go to though.

Butters1979

Clearlier wrote: »

It's a common mistake but EA's are more interested in getting a sale than the highest price. It's not really in their interest to prolong the process to get an exta couple of thousand as they're only seeing 1 - 2% of that. That's not to say that they don't look for the highest price just that they're more interested in getting a sale.

Edit: Obviously it would be stupid to show the EA the max that you can go to though.

No, it's not a mistake. Their interest is dictated to by their client.
The EA works for the vendor, and while for the EA as a business it's better getting a quick sale for a bit less than a long one for a bit more as they are usually dealing with dozens of different houses. But it is not their decision. It is the vendors. It depends on the vendors situation but as it's their money and it's a lot of money they will quite often be willing to let it go on a lot longer, despite what is best for the EA.
Giving the EA your max bid is giving the vendor your max bid and I would refuse outright.

Clearlier

Butters1979 wrote: »

No, it's not a mistake. Their interest is dictated to be their client.
The EA works for the vendor, and while for the EA as a business it's better getting a quick sale for a bit less than a long one for a bit more as they are usually dealing with dozens of different houses. But it is not their decision. It is the vendors. It depends on the vendors situation but as it's their money and it's a lot of money they will quite often be willing to let it go on a lot longer, despite what is best for the EA.
Giving the EA your max bid is giving the vendor your max bid and I would refuse outright.

We don't fundamentally disagree here.

Human interest being what it is though it can be useful to remember that there is a slight disconnect beween what's best for the EA and for the vendor. There doesn't have to be but sometimes there is.

It's just a minor point and as I said already it doesn't imply that you should show what your maximum bid is (unless your bid is your maximum perhaps).

Butters1979

Clearlier wrote: »

We don't fundamentally disagree here.

Human interest being what it is though it can be useful to remember that there is a slight disconnect beween what's best for the EA and for the vendor. There doesn't have to be but sometimes there is.

It's just a minor point and as I said already it doesn't imply that you should show what your maximum bid is (unless your bid is your maximum perhaps).

Agreed. And of course if your bid is your max it might even encourage the vendor to take it and close. They would know there is no point pushing you for more.

It just feels very much like leaving yourself exposed. If you lost out on this bid but were looking at other houses in the same area, it's entirely possible you get the same EA.

gaius c

Clearlier wrote: »

It's a common mistake but EA's are more interested in getting a sale than the highest price. It's not really in their interest to prolong the process to get an exta couple of thousand as they're only seeing 1 - 2% of that. That's not to say that they don't look for the highest price just that they're more interested in getting a sale.

Edit: Obviously it would be stupid to show the EA the max that you can go to though.

In theory yes but if 5k is the difference between clearing negative equity and not, the EA will be under pressure to squeeze buyers, when the monetary benefit to them might only appear to be €100.

Eugene Norman

Clearlier wrote: »

It's a common mistake but EA's are more interested in getting a sale than the highest price. It's not really in their interest to prolong the process to get an exta couple of thousand as they're only seeing 1 - 2% of that. That's not to say that they don't look for the highest price just that they're more interested in getting a sale.

Edit: Obviously it would be stupid to show the EA the max that you can go to though.

I don't like EAs but that's probably true. Wages need to be paid. Holding out for months across all properties even in a rising market can cause significant cash flow issues.

who_ru

OP here again. Got a call from EA today to say my bid has been lodged with vendor and I will get a decision on Thursday. I told the EA if they wanted proof of funds to contact my broker and he would be happy to discuss. I contacted him I advance to say he might get a call.

daheff

Rew wrote: »

Thats what he was Victor saying:

Apologies, I misunderstood Victors post. I thought he meant give them the account numbers.