Nasty Estate Agent Man

BrixMorta

Why don't you ask the EA, if your offer is acceptable 'subject to proof of affordability' on your part. At least that way you can press ahead with some confidence.

Is the EA a corporate? they are often much more passionate about you seeing their own FA.

Premier_2

There is a simple solution to this.

Get the EA to make you an appointment with his own financial advisor and turn up at that appointment with all the relevant details/paperwork to prove your position.

The conversation will probably commence something like this:

Financial advisor: Good morning/afternoon. How can I help you today?

You: Well, I have my own financial advisor who will be arranging any necessary products and therefore have no interest in buying anything through you. The reason I'm here is that the EA needs you to look into my financial status and confirm to him that I am in a position to proceed in principle.

This will ensure the FA is under no misunderstanding of the situation, and won't waste too much of his (and your!) time as he will not be earning any money from you.

The problem with an AIP is that they really arn't worth the paper they are written on, and so even if you get one from your own FA, the EA/vendor may not accept this.

chickmug

Premier wrote: »

There is a simple solution to this.

Get the EA to make you an appointment with his own financial advisor and turn up at that appointment with all the relevant details/paperwork to prove your position.

The conversation will probably commence something like this:

Financial advisor: Good morning/afternoon. How can I help you today?

You: Well, I have my own financial advisor who will be arranging any necessary products and therefore have no interest in buying anything through you. The reason I'm here is that the EA needs you to look into my financial status and confirm to him that I am in a position to proceed in principle.

This will ensure the FA is under no misunderstanding of the situation, and won't waste too much of his (and your!) time as he will not be earning any money from you.

The problem with an AIP is that they really arn't worth the paper they are written on, and so even if you get one from your own FA, the EA/vendor may not accept this.

Couldn't have said it better myself. Only one problem is if the OP feels they may get 'sold to' as they will be under considerable pressure.

Ian_Griffiths_Halifax

I came across an EA who's front line receptionist and sales negotiators got £25 for each buyer who sat in front of the Mortgage Adviser. That's why a lot of them say you have to see them to establish your financial position.

Strapped

Ian_Griffiths_Halifax wrote: »

I came across an EA who's front line receptionist and sales negotiators got £25 for each buyer who sat in front of the Mortgage Adviser. That's why a lot of them say you have to see them to establish your financial position.

I've worked weekends in an EA. We got £10 for each "bum on seat" in front of the mortgage advisor. Didn't matter to us whether they really needed to see him. (Oh the shame, but it could basically double your wages).

GDB2222

Strapped wrote: »

I've worked weekends in an EA. We got £10 for each "bum on seat" in front of the mortgage advisor. Didn't matter to us whether they really needed to see him. (Oh the shame, but it could basically double your wages).

Surely, you could line up a string of friends to help you out on this? You could even split the tenner with them.

kerryhoney

chickmug wrote: »

I am an EA and 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.

Having said this I would accept a phone call from your broker but it seems some EA's are so money grabbing they want to find every way they can to sell you ther finance services. I guess the problem is they can make as much from that as from the house sale commission.

I would be tempted to -out of courtesy - keep the seller appraised of what you are doing and wha his EA is asking for. Use the phrase "out of courtesy I am informing you that, etc".

Is the EA a member of the NAEA?

Thanks for this, you're right though, the EA is being particularly greedy as they are wanting us to use their services. Thanks for explaining the bit about being able to afford the offer though, it's nice to have it from a more independent source! Now to carry on reading everyone's replies, thanks for taking the time to reply!

kerryhoney

Premier wrote: »

There is a simple solution to this.

Get the EA to make you an appointment with his own financial advisor and turn up at that appointment with all the relevant details/paperwork to prove your position.

The conversation will probably commence something like this:

Financial advisor: Good morning/afternoon. How can I help you today?

You: Well, I have my own financial advisor who will be arranging any necessary products and therefore have no interest in buying anything through you. The reason I'm here is that the EA needs you to look into my financial status and confirm to him that I am in a position to proceed in principle.

This will ensure the FA is under no misunderstanding of the situation, and won't waste too much of his (and your!) time as he will not be earning any money from you.

The problem with an AIP is that they really arn't worth the paper they are written on, and so even if you get one from your own FA, the EA/vendor may not accept this.

I completely agree, the only problem is that I then think the EA's financial advisor will then see that we can afford to borrow a lot more than we have offered and advise the EA that the vendor should insist that we make a higher offer!

kerryhoney

Thanks everyone for taking the time to reply. We have had our offer accepted today, our broker have talked to the EA and managed to alleviate his concerns. I really appreciate your time and hope that I can help someone the same way you lot have helped me! I can't believe that people get a £10, or some nominal amount just for a bum on seat, guess that's the nasty world of buying houses though?!

Thanks again though all, just got to hope we get over all the other hurdles now!!!

chickmug

kerryhoney wrote: »

I completely agree, the only problem is that I then think the EA's financial advisor will then see that we can afford to borrow a lot more than we have offered and advise the EA that the vendor should insist that we make a higher offer!

As an EA I can assure you this would not happen. The EA will be so chuffed that you can afford he will not want to 'rock the boat' by pushing you harder - unless you had make a silly offer.;)