More estate agent issues

PaulyH

I'm having even more problems with estate agents. They are refusing to remove a property form the market unless we take the mortgage deal they offered us. Apparently our Abbey National one isn't good enough. Our offer is accepted but only in value, it was conditional on the property being completely removed from the market which they are just not going to do unless we take their mortgage which will cost us an extra £1000 and give us fixed term that is 2 years longer than what we want and carries and additional fee to the agent of £300. We have no reason whatsoever to take it,

Any advice or just walk away? As it stands I have told them we want the property removed or our offer doesn't stand and will even be reduced. I am perfectly prepared to walk away from this one but it will be the agents that have cost us the house not the vendors which is a shame.

I wonder if the vendors even know what sort of game they are playing! As it stands I think the deal is off due to us not taking their mortgage.

vegasbaby100

Hey, it seems so many people recently have been complaining of this.

The Estate agent cant discriminate against you for not using there mortgage services.

Is it the EA who is saying they wont take it off or the vendor? It may be worth just posting something through the letter box and explaining to the EA you are going to withdraw your offer unless they stop marketing the property.

Darren09

Write to the agent stating your offer will be withdrawn if the property is not removed from the market within 48 hours.

dirtmother

I'd suggest making direct contact with the seller. Whenever we've had a buyer they've sought out our phone number and called us and we've exchanged contact details.

Obviously, you need to exercise caution and a bit silly to pay an EA or a solicitor and do their work for them but some things are easier sorted out directly.

belisha-beacon

I'd suggest writing to the estate agents, copying in the vendors care of the house address itself, stating that you made the offer of £x based upon a careful assessment of your finances and the terms of your agreed mortgage. State that you are willing to consider the mortgage that the estate agents require you to have but that, as it would incur extra costs of £y for you plus the inconvenience of a longer term, you would unfortuately have to reduce your offer to £z. Ask them to consider your offer of £x with your already-arranged Abbey mortgage, or £z with their suggested mortgage. Once the vendor sees the costs to them of allowing the estate agents to insist on products that will not benefit them in any way, perhaps they will start to see it your way...

PaulyH

The estate agents are saying its the vendors decision but why would the vendor care whether we go with the agent as a broker or one of the biggest lenders in the country?. I have already confirmed as things stand there is no deal as our offer is inclusive of the removal from the market.

princessamy86

Are they a member of the NAEA? Chickmug did a post where he copied a big section on this, can't find it! I'll have a look for you now.

keith969

PaulyH wrote: »

The estate agents are saying its the vendors decision but why would the vendor care whether we go with the agent as a broker or one of the biggest lenders in the country?. I have already confirmed as things stand there is no deal as our offer is inclusive of the removal from the market.

Sounds like the EA is telling you porkies so he can make a nice commission on the mortgage deal. I'd just walk away.

princessamy86

chickmug wrote: »

Following from the NAEA Code of Practise

Offers
a) By law you must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been exchanged (in Scotland, missives have been concluded) unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on. You must confirm such offers in writing at the earliest opportunity and keep a written or computerised record of all offers you receive.

b) You must not discriminate, or threaten to discriminate against a prospective purchaser of your client’s property because that person refuses to agree that you will (directly or indirectly) provide services to them.
Discrimination includes the following:
• Failing to tell the client of an offer to buy the property.
• Telling the client of an offer less quickly than other offers you have received.
• Misrepresenting the nature of the offer or that of rival offers.
• Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them.
• Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else.

there you go, hope that helps.

Radish72

I would go to the estate agent and asked them to ring the seller on your behalf so you could speak to them about why they won't accept the mortgage, if the estate agent rings for you then no details (phone numbers) have been swapped

Although I can't see why the seller would care, I would be more worried if you didn't have an mortage sorted and the sale falling through

PaulyH

We have a mortgage already with HSBC but for this property we have had to source another one as the property is of Non Traditional Construction. We already lose money on the other mortgage so I don't want to incur any more fees while the vendor is still showing people round the house with a view for a better deal only to pull out after I've spent £1000 getting a new mortgage arranged specifically for this property.

We compiled with the vendors request that we do a finacial check with the EA but it seems that was just a ploy to try and sell us a mortgage and not actually do what they said they would do.