Unproceedable offer

dander

It doesn't sound unreasonable to me for the estate agent to be asking for your solicitors and mortgage details as soon as you offer on a property. If you put in an offer you are saying you wish to make a purchase, and you need all those things in place in order to do so and they are legally required to check your identity. Estate Agents work for the vendors, so it stands to reason that they want to a/ get the sale moving as quickly as possible and b/ ensure that the offer has not been made by a timewaster. In my opinion a buyer who is not prepared to instruct a solicitor within a week of making an offer is a timewaster.

AndrewSmith

It is absolutely normal for an EA to want lender, mortgage, and solicitor details at the point of offer. When I woked as a broker in an estate agency I would always insist that the residential manager obtain proof of funds before forwarding a 'cash' offer as well.

The EA has legal paperwork he must complete and send to the solicitors of both parties concerned at the point of offer. What do you possibly have to gain by witholding such information apart from holding the sale up.

The have a duty of care to their vendor to establish the position of any person offering. The offer you made would have also been considered as unproceedable, as your purchasing status could not be verified.

Also, if you are using a mortgage or loan then you are most definate NOT a cash buyer. This is exactly the sort of thing that causes acrimony within a property chain.

At the point of offer you have an obligation to disclose:

The amount of your offer

How you are funding the purchase ie Cash or Mortgage & Deposit (dont be surprised if the property is re-marketed if you are not open and honest about this one)

Your position (ftb etc)

Who your lender or broker is and contact details (in some cases a written mortgage promise)

Who your solicitor is, if you don't have one you will be expected to instruct one ASAP

Everyone moans about brokers and Estate Agents however why is there the need to purposely hold up the chain and deliberately mess them around?

Give them a chance to do their job !!!

Andy

safesound

AndrewSmith wrote:

Also, if you are using a mortgage or loan then you are most definate NOT a cash buyer. This is exactly the sort of thing that causes acrimony within a property chain.

Who said anything about me needing a morgage or loan? Not that I need to explain my financial position to you but I had the money sat in a high interest savings account, and needed a few days to arrange the transfer of such a large amount.

I'm sorry if not having a conveyancing solicitor on retainer made me a 'timewaster' but I had been looking for a property for over six months and would not just pick a name out of the phone book for anyone, never mind a pushy, over eager, *liar* of an EA.

nmiah786

safesound wrote:

Who said anything about me needing a morgage or loan? Not that I need to explain my financial position to you but I had the money sat in a high interest savings account, and needed a few days to arrange the transfer of such a large amount.

I'm sorry if not having a conveyancing solicitor on retainer made me a 'timewaster' but I had been looking for a property for over six months and would not just pick a name out of the phone book for anyone, never mind a pushy, over eager, *liar* of an EA.

Cool down mate, Andrew did say "IF". So take it easy :beer:

AndrewSmith

safesound wrote:

Who said anything about me needing a morgage or loan? Not that I need to explain my financial position to you but I had the money sat in a high interest savings account, and needed a few days to arrange the transfer of such a large amount.

I'm sorry if not having a conveyancing solicitor on retainer made me a 'timewaster' but I had been looking for a property for over six months and would not just pick a name out of the phone book for anyone, never mind a pushy, over eager, *liar* of an EA.

Who said I was responding directly to you? You are not the original poster and I was making a general statement.

This is exactly why I give my time for free to these forums.

People ask for the honest opinion of Professional Experienced people and then complain when it's not what they want to hear.

I am merely giving you an insight into the other side of the process, looking from the Seller's and the EA point of view. Also not every agent is a Liar. That's the same as calling every plumber a con-artist but still people are happy to had over £150 to them before they even cross your door.

Please read my postings properly, in your words I do not have to explain myself to you however I wish to express that I was not insinuating that you had been less than honest to the Agent. Remember that you were not the original opester here and my post was intended to be read by all posters and responders, not just you.

What do I base my postings on? Nothing except 12 years property and financial services experience.

Andy

safesound

nmiah786 wrote:

Cool down mate, Andrew did say "IF". So take it easy :beer:

Yeah, I just came back to edit the post as I realised that maybe I was too harsh on the guy.

AndrewSmith

Wonder why I bother sometimes

safesound

AndrewSmith wrote:

Please read my postings properly, in your words I do not have to explain myself to you however I wish to express that I was not insinuating that you had been less than honest to the Agent. Remember that you were not the original opester here and my post was intended to be read by all posters and responders, not just you.

I appologise Andy, I should take a chill pill occasionally and after nearly ten years reading online forums I should know better than to presume something is meant one way when the meaning is quite open to interpretation. I felt terribly guilty for pulling out of that sale (poor vender had just split up with her husband and had to get rid ASAP) so maybe you touched a nerve.

dander

Hiya

The trouble is that at the moment with the property market quite tough on sellers, the process is even more stressful than normal. It's taking so long for people to get offers at the moment, they need to know that when they get them, it's something worth taking the property off the market for. It happened to me last year, you get an offer, then spend 6 weeks processing the sale, then the buyer suddenly tries to drop the price having failed to get a big enough mortgage. As a vendor you have missed many potential purchasors during the time you were dealing with the aborted sale, and (as in my case) it can mean you lose the house you've set your heart on.

Second time around, I refused to accept any offer that didn't come with some evidence the buyer had the money. It was far too big a risk.

In the middle of purchasing something now, and have been very careful to move quickly on getting survey done - solicitors communicating etc, because I know as a vendor these were the hold-ups that added immeasurably to the stress. I don't want to find prawns hidden in the curtain rails when I move in!