I've never bought a property before. So I am wondering if anyone can help me out here in terms of how things work when dealing with an estate agent.
When you make an offer on a property to an estate agent, do you have to prove to them that you have the funds? I am wondering about the "approval in principle" letter you get from the bank.
If I have to show an estate agent this letter on making my offer, which is say 350k and my approval in principle from the bank is 400k then I'm just leaving myself wide open for the estate agent to push me for more, for a "phantom bidder" to emerge etc.
In summary, my question is do I have to ever show the estate agent my "approval in principle" letter and if so when do I have to show it, how late in the process can I hold off to showing it?
When you make an offer on a property to an estate agent, do you have to prove to them that you have the funds? I am wondering about the "approval in principle" letter you get from the bank.
If I have to show an estate agent this letter on making my offer, which is say 350k and my approval in principle from the bank is 400k then I'm just leaving myself wide open for the estate agent to push me for more, for a "phantom bidder" to emerge etc.
In summary, my question is do I have to ever show the estate agent my "approval in principle" letter and if so when do I have to show it, how late in the process can I hold off to showing it?