Putting in an offer and the sales techniques of EAs

chickmug

bubblesmoney wrote: »

(what i said above is just a view about my EA and not a general comment on all EAs. there are many helpful EAs like chickmug on this board and i myself have come across very helpful EAs in other estate agencies while i was viewing other properties)

Well thank you.

I do try an do offer real advice - unlike some posters who seem to revel in very short sarcatsic one liners about EA's. Who are they helping?

chickmug

Incisor wrote: »

I would only be proving anything if the offer were accepted subject to demonstration of funding. Put your way it seems a bit counterproductive to prime the seller to say No before proof of funding, rather than to recommend acceptance subject to proof of funding.

You would be surpised hearing of tales of those who delude themselves and who MUST be weeded out to save sellers abortive time - and wasting our time.

This year one man who said he had £190,000 deposit on house at £320,000 which is very good but after wrestling with him for days and insisting his broker confirm to us his exact status he only had £90,000. Still a good deposit but his only income was £18,000.

Another a girl who said mortgage NO problem as she worked for the bank who was doing the loan. It took us days of chasing the man at the bank who thought very carefully before saying there was no way she would get the loan amount she was needing and he went on to admit she was a dreamer.

Another couple who resented being asked but told us money no problem as they had a lot of other security and multiple incomes. The seller went against our advice and agreed to instruct solicitors and after 3/4 weeks the other assets and income were from an Asian business interest. No UK bank would lend on that basis.

These are NOT just 'once in a blue moon' exampes they happne more often than you would think and show how EA's need to be more and more vigilant.

Being clear I would reccommend to the seller to accept offers 'subject to money being proven' but within a fairly short time frame. If the person making the offer is awkward my experience tells me it is because there is a catch.

chickmug

One point with repo's is that the person (such as bank staff) ultimately making the decision whether to accpet offers or not is an employee who will not lose sleep whether it sells or not and whatever level of price. Unlike the public who will be extremely stressed.

bubblesmoney

chickmug wrote: »

I am an EA and too true we need to ensure that those who want to buy can get, or have got, the money. It is laid out in our Code of Conduct, etc with the NAEA that we must find out about such matters so we can advise the seller that the person making the offer really can afford it.

Bear in mind that a high percentage, when they are quizzed, can NOT afford the properties they are trying to look at so little wonder why some Ea's are so doubting.

All this said if if I were your EA and you said you could back up your offer with proof very soon after offering I would find that fully accpetable.

Good luck

what sort of proof do you insist on. do u insist on copies of their finances or is an approval in principle enough or is it enough if the buyers banks mortgage advisor confirms over the phone the prospective buyers affordability? or do u insist on photocopies of a prospective buyers finances like the EA i am dealing with wanted.

just like sellers will be concerned about weeding out timewasters, buyers too will be wary of giving copies of financial documents needlessly to people who shouldnt have access to their documents. Do EAs or other employees at EAs have CRB checks to weed out shady characters? Do they have appropriate training in data protection procedures? what happens to the copies of the documents they collect after transaction is completed? how long do they keep copies after transaction completed? who oversees whether they are complying with any requirements that they only collect what is actually needed and who stops them from collecting and storing unnecessary info

bubblesmoney

chickmug wrote: »

One point with repo's is that the person (such as bank staff) ultimately making the decision whether to accpet offers or not is an employee who will not lose sleep whether it sells or not and whatever level of price. Unlike the public who will be extremely stressed.

they might be employing relocation companies for processing the sale. one such example is this

chickmug

bubblesmoney wrote: »

what sort of proof do you insist on. do u insist on copies of their finances or is an approval in principle enough or is it enough if the buyers banks mortgage advisor confirms over the phone the prospective buyers affordability? or do u insist on photocopies of a prospective buyers finances like the EA i am dealing with wanted.

just like sellers will be concerned about weeding out timewasters, buyers too will be wary of giving copies of financial documents needlessly to people who shouldnt have access to their documents. Do EAs or other employees at EAs have CRB checks to weed out shady characters? Do they have appropriate training in data protection procedures? what happens to the copies of the documents they collect after transaction is completed? how long do they keep copies after transaction completed? who oversees whether they are complying with any requirements that they only collect what is actually needed and who stops them from collecting and storing unnecessary info

We accept telephone information.
No CRB checks.
Always updating on all legislation of which there is too ruddy much.
All documents shredded as soon as we legally can as they take up too much storage space.
We only collect the minimum data as we are not trying to perpetuate more red tape procedures.

All this is what we do but other EA's may well do differently. Easy for me to say challenge them (EA's) and ask for sight of the rules that say they must get this information in the format they are asking but you may upset them!!!!

dubsey

We have only been asked for a copy of our offer in principle. The EA wanted to know who our mortgage was with, but never asked to see our deposit (50% LTV). The only thing they did was push REALLY hard to try to get us to speak to their in branch FA. Sarky comments like 'so you aren't interested in saving money then?' I replied no, then two hours later the branch manager phones pushing again, then the next day their FA phones trying to get us in for an appointment. They had seen our offer from First Direct and kept telling us they could get us a better deal, or a higher offer. Why would we need a higher offer when our offer has been accepted?

The good thing is that buyers are in the driving seat right now. So even if they try to get you to increase, you can just walk away. If the vendor is happy to accept your offer they are not going to be that stupid and risk losing a sale by trying to push you higher surely?

nixinix

Not read whole thread so sorry if repeating anything already said, but this is different because it is a repossession. I have an offer accepted on a repo and should of exchanged yesterday but haven't which is on another thread - my EA put forward a tentative offer and when it was indicated that this would be accepted I then needed to prove that finances were in place to be taken as a serious offer. Because repos need a 21 or 28 day turnaround they need to know that finances are there before they accept your offer. I hopethat makes sense. PM me if you need to know more about how it worked for me.

chickmug

dubsey & nixinix

Yes one thing that needs stressing here is what the seller insists that the EA gets as proof. I am lucky being so mature ;-) and around so long my sellers accept it as I tell them it will and should be.

nixinix

thought I should add my proof showed more funds available than my offer but my offer was accepted