That being the case, it sounds like I do actually have one already (an offer pre-credit check). I assumed that an AIP was post credit check but pre- taking steps to grant it.
First time buyer advice
- Thread starter Kaelsin
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That being the case, it sounds like I do actually have one already (an offer pre-credit check). I assumed that an AIP was post credit check but pre- taking steps to grant it.
Yes - it is not absurd. Some vendors/agents will not want time wasters i.e. people who bid and then have to faff about sorting a mortgage agreement which may not even be enough for them to afford the house they had bid on. It is seen by some as a measure of how serious a potential buyer is i.e. are they just 'window shopping' for a potential move at some unspecified point in the future or are they actively looking to move right then and there.
If you are viewing "numerous properties at different prices" then arguably you may again be viewed as a less serious buyer because it implies perhaps you don't really know what you want yet and probably have a poor realistic offer to viewings ratio.
I am not suggesting that you are definitely a time waster or not a serious buyer, but some may view it that way and will use such requirements as a way of sorting out the wheat from the chaff.
A similar feeling applies for people looking to move properties who have not yet put their current home the market i.e. how serious are they and will that cause delays down the line.
Don't buy a house which has steep steps down to the front door.
Agents "Should" prioritise people in a position to proceed.
The last thing you want is to be booked solid with window shoppers and lose a genuine buyer.
Although most will still show a house without an AIP they shouldn't accept an offer unless your in a position to proceed
The last thing you want is to be booked solid with window shoppers and lose a genuine buyer.
Although most will still show a house without an AIP they shouldn't accept an offer unless your in a position to proceed
Yes, that's completely fair, but it is a bit poop from my perspective. Very confident sellers, I suppose.
House buying is exciting \o/
Necro-bump!
I've spoken to two mortgage brokers about this and they thought getting an agreement in principle without having a specific house that you intend to put an offer on is absurd (both being of the opinion that getting numerous agreements could affect your credit rating). One of them had never even heard of agents demanding this before, so I guess as the first reply to this thread said, it was a seller specific thing due to a fallen through deal. Even so, sounds like that agent was full of total bull.
I've spoken to two mortgage brokers about this and they thought getting an agreement in principle without having a specific house that you intend to put an offer on is absurd (both being of the opinion that getting numerous agreements could affect your credit rating). One of them had never even heard of agents demanding this before, so I guess as the first reply to this thread said, it was a seller specific thing due to a fallen through deal. Even so, sounds like that agent was full of total bull.
Agreed. This can get you a lower price property that will increase in value greatly when the gentrification has happened.