I've usually done this in the past and it worked fine, though recently an estate agent wouldn't accept it and I had to get my solicitor to write a letter stating I had the funds & mortgage in place to bid on the property (though the letter didn't state an amount we could bid up to, I wouldn't be giving that info the estate agent).If you have AIP from bank submit it with amount blacked out
There’s no evidence to suggest bidders bid outside their budget.Sherry Fitz among others require this for their online bidding portal. An email from our solicitor along the lines of "I can confirm that my client has funding up to amount X" was enough. I had to send him a combination of our AIP and savings evidence.
I just told him to set amount X to the asking price, not our max.
I think the opposite is incredibly anti competitive. Tyre kickers and dreamers not able to complete a sale driving up the price.
How would you feel on the other side as a winning bidder, who ends up paying 30k over asking because the other party went to their limit+30k.
The above doesn't completely prevent it, but it does help to streamline the process.
What sort of evidence would you want?There’s no evidence to suggest bidders bid outside their budget.
It’s for those arguing for more purchaser impediments to justify that they are needed.What sort of evidence would you want?
It’s for those arguing for more purchaser impediments to justify that they are needed.
I’m not arguing for this new condition, requiring purchasers to jump through new hoops placed in front of them by estate agents. You are.What is? To state what sort of evidence you would want?
I didn't argue for it or against it. You asserted that "There’s no evidence to suggest bidders bid outside their budget". I just asked what kind of evidence you would want.I’m not arguing for this new condition, requiring purchasers to jump through new hoops placed in front of them by estate agents. You are.
This is a straw man argument. Im not looking for evidence. You are missing my point. This new rule introduces a barrier to operating in a market and so should be justified with hard facts to be introduced. You can be damn sure that some people are handling information on their budgets to estate agents. None of the agents are suggesting that the methods above are acceptable.I didn't argue for it or against it. You asserted that "There’s no evidence to suggest bidders bid outside their budget". I just asked what kind of evidence you would want.
Are you saying that people who want to trade-up should be expected to have sold their property before they even start bidding on another property?The issue can be bidders don't have the funds yet, which is most likely to occur when they are selling their own home to partly fund the new one. If they bid on a new place but have to sell their own first, it will delay the process by months. The vendor may need those funds themselves to buy their new home. It clogs up the whole system.
I don't think it is a strawman argument as you explicitly said "There’s no evidence to suggest bidders bid outside their budget." I am wondering what sort of evidence you are expecting to be available. There have been plenty of anecdotal accounts of people bidding when not having funding in place, or sufficient funding, but I am assuming you do not regard that evidence as admissable? Complaints about this arise from other bidders (whether correct in their assumptions or not) and from sellers when a sale falls through.This is a straw man argument. Im not looking for evidence
No I am not. But a vendor shouldn't have to wait on a buyer selling their own property before the sale of their own home goes through. It is a very difficult thing for people to time. Where are they going to live if the sale of their own home goes through first? There's not that many short term rentals available.Are you saying that people who want to trade-up should be expected to have sold their property before they even start bidding on another property?
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