EA wants AIP letter WITH THE AMOUNTS

We’re in the bidding process on a house and the estate agent asked for proof of mortgage approval. So we dutifully sent over the letter with the maximum property price, total loan approval amount and LTV percentages blacked out. He’s now saying he needs to see the amounts and that the other bidders have supplied same.

I find this totally unbelievable. Why on earth would I want an interested party to know what my ceiling is?

Anyone else ever encounter this? Is there a big problem in this country with people making bids way beyond what they are approved for?

Ha ha. Nice try by the EA.

Can you get the bank to give you a letter specifying that you are approved for X, where X is your current bid?

I think it’s pretty obvious why he’s looking for your ceiling price…so he can get every last penny of it out of you!

I would very courteously explain to him why you do not wish to disclose this information. A ‘reasonable’ (can we expect such an EA to be reasonable?) person who understand why wouldn’t want to give this information away.

He might just be pushing the boundaries a little and may back off if you tell him where to go.

Haha, what a tit, tell him to stick it.

The EA is a chancer.

You can get your solicitor to issue a letter saying that you have sufficent funds and or morgage approval in place to complete the purchase.

That is all they need.

I’m afraid if you don’t play the EA’s little game then you wont get the house.

Ask the PRSA if this is standard practice, or covered by any code of conduct

A call from your solicitor or broker stating you have funds will usually suffice.

:unamused:

Happened to me a couple of years back. Asked the EA to get back to me after the other two bidders had finished. Made one offer, higher than the final bid. Vendor chose the other buyer as the EA said that they just seemed more engaged with the ‘process’ and more ‘committed’.

If he wasn’t convinced you had the funds, can’t blame him.

But if the EA is going to be a douchnozzle for the sake of it, then there’s no point in engaging. Some people here have the attitude that you need to kiss the EA’s ass and make it clear you’re willing to overpay for no reason. Of course you’re welcome to pay that game, but it’s not for me. If the EA is not a professional, I’m not going to play at all.

Cutting off your nose to spite your face, potentially.

I can’t imagine complying either, as it happens, but sadly the EA does hold some power here.

Not unless they’re willing to act illegally. They have to pass on all bids.

This EA has no reason to doubt we have the funds. It’s ridiculous. We supplied proof of AIP. What do they think? We’re bidding on the house for fun?

A come on now. He can pass on the bid but recommend that the vendor ignore you because of any made up reason.

“this guy bid on another house I was selling and was a complete time waster”

Out of order by the EA but I have no doubt there are still a lot of bidders with AIP in panic mode bidding above what they have been approved(then going to bank/credit union for a top up). A lot of sales have fallen through in recent weeks and by what I’m hearing this is a factor.

The immature half of me recommends obtaining a letter from the bank stating the amount you have bid (not the amount you are approved for). Keep reproducing the same letter, but change the figure with each bid and so on and so forth.

It will be more work for you and will probably p*ss the EA right off but at least they won’t know your limit. 8DD

Yes, they can break the law and lie, I agree.

If you start doing business by bending to people who are acting illegally, you’re going to have a bad time.

Also amazing to watch the “buy side” give out about EAs.

In all probability he is trying to eliminate time wasters who bid up properties up without their finances in order.

This is behaviour to be encouraged.

In the interest of transparency, all parties (EA, vendor, bidders and every single tyre-kicker) should know the full financial details of each other.

That’ll keep 'em all honest.