EA wants to qualify me before passing on any offer

Hectors_House

A superb idea. It's sneeky. I like it
So long as they don't need to do a credit check on me (I'm fine, but too many and all that) I could live with the idea.
I have a print off of my record from equifax I did on Monday which might save them the bother for simple figures.

Still cautious of telling them exact figures tho. There is of course alwasy the option to tell a few porkies whilst it's both unofficial and I have no intention of using them.
I know from elsewhere what I can and can't afford and what is being offered to me.[/quote]


Not too sure why you feel you could tell them lies?

Although I had to take time off work to go to see them, knowing I was already not going to use them it was still a lengthy process where I had to show proof of my income/debts etc.

The Ea is acting on behalf of the seller and they will need you to prove you can get a mortgage in principle and will include a credit check Just make sure you don't sign anything.

haras_nosirrah

You don't show the EA your payslips you show the financial advisor who is a professional and bound by data protection laws. They are not allowed to pass on details of clients to the EA's and would be in big trouble if they did - they just have to confirm whether they can offer that much or not.

If you don't want strangers seeing your payslips and bank details don't get a mortgage as your details go through a call centre where god knows how many people see them. I bet if you told the bank that your income is none of their business when they are lending you money you wouldn't get very far.

How do we know that the OP is not inflating income? We only have his say and lets face it he wouldn't be on here saying that he is upset as the EA wants to qualify him and he is lying about his income to get a mortgage and dodgy mortgages do still happen - he seems mightily resistant to showing anything to the financial advisor and seems to like the idea of lying to them.

When houses are dropping by 2% a month I think it is the vendors right to know that the person they are taking the property off the market for is a good buyer as otherwise they can cost them 10's of thousands if it goes wrong. Either that or I would be advising the vendor to continue marketing the property until the mortgage offer is out. Someone suggested going straight to the vendor to prove income - I would rather show it to a financial professional than Joe Bloggs who owns the house I want to buy.

shoe-gal_4

just bumping this thread as we have put an offer in on a house. the EA has called us back to say that the vendor is unwilling to look at any offers without proof that we are able to get a mortgage.

the EA wants us to come and speak to their MA, however, we do have an AIP from a different supplier.

i am not keen to speak to their MA as i may be being paranoid but as stated before, i don't want the EA to know how much we can get a mortgage for (as our offer is a lot lower than the max mortgage available).

can we show the EA our AIP and will they then have to put the offer in without us having to see their MA.

Wickedkitten

shoe-gal wrote: »

just bumping this thread as we have put an offer in on a house. the EA has called us back to say that the vendor is unwilling to look at any offers without proof that we are able to get a mortgage.

the EA wants us to come and speak to their MA, however, we do have an AIP from a different supplier.

i am not keen to speak to their MA as i may be being paranoid but as stated before, i don't want the EA to know how much we can get a mortgage for (as our offer is a lot lower than the max mortgage available).

can we show the EA our AIP and will they then have to put the offer in without us having to see their MA.

That's what I would do. Just show them the one you already have.

poppysarah

shoe-gal wrote: »

i am not keen to speak to their MA as i may be being paranoid but as stated before, i don't want the EA to know how much we can get a mortgage for (as our offer is a lot lower than the max mortgage available)..

Go find your solicitor and ask them to convey the information to the EA that you have access to enough funds.

geoffky

haras_nosirrah wrote: »

You don't show the EA your payslips you show the financial advisor who is a professional and bound by data protection laws. They are not allowed to pass on details of clients to the EA's and would be in big trouble if they did - they just have to confirm whether they can offer that much or not.(quote)



You have not seen the money programme then???? foxtons were doing this and they were then telling their in house team how much the person could afford to buy ...have a look at the video on youtube and see what they get up to..

RetroBob

I am in a similar situation. Sharman Quinney in Peterborough me to come in and see them; I'd bring a payslip as proof of income. I also have credit records from 2/3 agencies - they gave me some chat about putting me on some rediculous "approved buyer list". Is this just some marketing ploy to butter me up thinking I'm special (I'm not).

hamblettamaud

yes, indeedy, perhaps the estate agent is asking for this information from you, OP, because the vendor has asked for it to be done???

anyway, nevertheless, this is how i would deal with it - if i wanted to make an offer, i would just do it anyway, without submitting to the EA's grilling. i would then somehow speak to the vendor to let them know i had done so (by a sneaky second viewing or phoning them up or something). i don't like the power that EAs think they have.

domcastro

Depends what you mean by "afford" - the EAs asked me about mortgages etc - I told them the details. They knew I was only borrowing 3 times my salary and theoretically could borrow more. But I didn't budge. I didn't want more than 50% mortgage and I didn't want more than 3 times my salary as mortgage. There was no point them trying to bump me up as I was adamant that this was my maximum.

It was all fine. They tried to get another 5k out of me but I said no. Completing on Friday wahoo

not_loaded

It is this sort of paranoia that loses the buyer a desirable property. Keeping it simple:

“I can understand the vendors want for genuine buyers, and appreciate that there are some losers who make offers on properties they have no hope of affording.”
So, just cooperate then!

“…I see it as a conflict of interest letting the EA know just how much more than the offer I'm making they might think I can afford. Once they are aware of my finances, potentially, roll on the fake offers and what not in an attempt to bid me up.”
So, you are clearly streetwise, and will not fall into that trap. Will you?

In this buyers’ market, the idea of “tricking you into upping your offer” is doubtful. If someone plays that game, you merely play the ‘walk away’ game in return.