EA wants to qualify me before passing on any offer

MissMotivation

poppysarah wrote: »

It doesn't matter desperately if it is against DP once they know you can afford more they may well not accept your offer until you increase it.

Utter rubbish, it's not for the EA to accept the offer, it's the Vendor's decision based on what they can afford to accept and enables them to move/sell and/or whether it enables them to afford their next property!

Pennywise

Reminds me of when we bought our first house. We had an offer letter from our Building Society which in our minds was enough proof that we had the funds in place. The vendors EA, Halifax, insisted that it wasn't good enough and that we needed a meeting with their IFA to "prove" our finances. We refused and there was quite a stand off for several days. Eventually, EA agreed to talk on the phone, which we did - they asked loads of questions, to which our reply was "I'd rather not say" - they carried on for question after question, our answer was the same. About half way through, they said "you're not going to tell us anything are you" to which I said "no you're right" but they carried on regardless. Eventually, once they had filled out their form, presumably writing "no comment" in every box, the call ended and then we could move on to buy the property. It was nothing but a form filling exercise, no doubt to try to persuade us to arrange the mortgage, life insurance, etc., through them, but no doubt they were happy to have been able to tick their stupid boxes for the statistics gathering!

mlz1413

Just reading this thread through and wondered can you tell EA that you will show the vendor your AIP personally?

It seems if the EA or the MA within the EA sees what a potential buyer can afford then there is a conflict of interest. But if it is the vendor who is worried about a time waster, then as long as they see proof a mortgage has been offered in princple to a value that is inline with the property then any conflict of interest is removed.

MissMotivation

mlz1413 wrote: »

Just reading this thread through and wondered can you tell EA that you will show the vendor your AIP personally?

It seems if the EA or the MA within the EA sees what a potential buyer can afford then there is a conflict of interest. But if it is the vendor who is worried about a time waster, then as long as they see proof a mortgage has been offered in princple to a value that is inline with the property then any conflict of interest is removed.

Please explain why you think it's not a conflict of interest if the Vendor sees it and it is if the EA sees it?

nimbo

housesitter wrote: »

I'm seeing some properties this weeken. FOr one of them the EA has already said that any offer would be subject to me coming in for a chat so that they can qualify me to see if I have the means to pay for the property.
Thanks

one EA i was seeing also had this on their website, all i had to show them was the certificat efrom the bank that said i could borrow (x insert amount that would be good for beating down the price of the property that i wanted as the bank provided me with several)....

when i asked this was to stop the vendor accepting my offer, and then not reaciving other offers as i would want the property removing market, and then i swan off to see if i can get a mortgage...

mlz1413

well i'm assuming that the main worry is; if the EA sees what buyer can afford they might 'say' that the vendor has refused the first offer and so up the buyers offer and their own commission.

the point not established is if the vendor HAS asked for the buyer to be vetted.

I can see the other side which is if the vendors knows the buyer can afford more then they might decide to hang out for more regardless.

I was just trying to think of a way of removing the possible EA worry, but its all a gamble just depends which side of the fence you are on.

MissMotivation

mlz1413 wrote: »

well i'm assuming that the main worry is; if the EA sees what buyer can afford they might 'say' that the vendor has refused the first offer and so up the buyers offer and their own commission.

the point not established is if the vendor HAS asked for the buyer to be vetted.

I can see the other side which is if the vendors knows the buyer can afford more then they might decide to hang out for more regardless.

I was just trying to think of a way of removing the possible EA worry, but its all a gamble just depends which side of the fence you are on.

An EA, especially in the current climate, is not going to jeopardise a sale for the sake of a few pounds extra commission!

mlz1413

MissMotivation wrote: »

An EA, especially in the current climate, is not going to jeopardise a sale for the sake of a few pounds extra commission!

and in the current climate I'd doubt a vendor would jeopardise a sale for a few extra ££'s, but this thread clearly shows people are worried about its potential.