House price negotiation

Most_Wanted

silvercar wrote:

Being asked to see their mortgage advisor has two purposes.

Firstly, he wants to be satisfied that you are able to purchase the property. The mortgage advisor can confirm to the EA that you have the bnecessary funds and will be able to secure a mortgage to go ahead with the purchase. It won't put you under any obligation to use this advisor.

Secondly, the EA wants to be seen to be giving a helping hand to the MA; if he pushes so many people in his direction he will be giving him some business hence prmoting their business relationship.

But won't this mean the EA will know what price I can pay upto and therefore not let me negotiate the price downwards?
Can't I just say "no, I am speaking to L&C"? Or am I obliged to speak to their own MA?

BobProperty

Most_Wanted wrote:

Again, thanks for all your advice.
I have agreed with the agent to pay 195k but they insisted that the property will only come off the market once I speak to their mortgage adviser. Not sure what that is all about? I am weary of doing that so have not yet arranged an appointment....

I think this is barely legal/allowed by estate agents' organisations. If someone said this to me I would tell them to get lost (or worse). I would go back and say the offer is £195k provided the property comes off the market. Property stays on the market = I lower my offer (if I can still be bothered to buy it - don't forget to inform the vendor, will you).
I don't need your mortgage advisor (my relative/mate/pet goldfish is one) and if you want to know whether I can afford it you can ask my solicitor who will be able to confirm my situation and ability to go ahead.

Most_Wanted

interestingly enough I got a call from the agent saying I have been dragging my feet and now the property is under offer from another buyer.
Apparently the property is being sold by conveyancing lawyers acting as executors. Gave them a call and they said they would prefer my offer - all I need to do is confirm my mortgage arrangements.
This whole thing is weird.

kinster_2

Most_Wanted wrote:

interestingly enough I got a call from the agent saying I have been dragging my feet and now the property is under offer from another buyer.
Apparently the property is being sold by conveyancing lawyers acting as executors. Gave them a call and they said they would prefer my offer - all I need to do is confirm my mortgage arrangements.
This whole thing is weird.

Give the agent a call and let him know. That will put him in his place

Most_Wanted

Ok people, had my offer accepted by the executors. 195k it is but I think the property has plenty of scope and potential for a rear extension and loft conversion (loft is 10ft high).
got the mortgage arranged through L&C with A&L. This certainly paid off as the adviser kindly phoned me a day in advance of the product's rates going up. Well chuffed.
ONLY thing is that they have not taken the property off the market. Any way of twisting their arm?

mandi

Most_Wanted wrote:

Ok people, had my offer accepted by the executors. 195k it is but I think the property has plenty of scope and potential for a rear extension and loft conversion (loft is 10ft high).
got the mortgage arranged through L&C with A&L. This certainly paid off as the adviser kindly phoned me a day in advance of the product's rates going up. Well chuffed.
ONLY thing is that they have not taken the property off the market. Any way of twisting their arm?

Yes there is .. Tell the agent straight.. As in.. My offer has been accepted, I have my mortgage offer, and I can proceed.. and I would like the property taken off the market with no further viewings with immediate effect.


NB there is no valid reason as to why this property should marketed any longer.. so be calm, but firm...


Mandi