EA requesting formal offer at their office?

mrdee0

I though i would start a new thread than tack on a new question to my other post (which was about some FTB mortgage confusion).

I phoned up the EA today to put down an offer of a property ive viewed. Well the guy took my details again and then i was waiting for him to ask me what my offer was (which is usually what has happened with other EA). Except he told me that I coulnt make an offer over the phone and i needed to come in and make an offer in the office.
Then he asked about my mortgage so i said i was looking into some independent whole range broker- i then said could i make an offer over the phone. He replied that i needed to come in order that 'we can look at how your offer can be made in the best possible way'. I had an inkling he was trying to get me to meet the mortgage person there so they could persuade me to take a mortgage with them. But he made it appear that id be coming in to make an offer to them-and then he said to be rest assured the property wont be sold before my appointment. Then he asked that i bring in payslip, id etc

It all seems like a mortgage advisor appointment...it also seems the people at this chain of EA seem very keen on giving mortgage advice. Not sure if im allowed to name them here? They ryhme with Pommels...

Anyway i have to go along to the EA on friday to make my offer. I want to appear friendly to them as they'll be speaking to the vendor and would like to be put across in a good light.
I know how much i think the property is worth and will walk away if vendor wont sell at that price. There are plenty of properties as im covering a wide area and so its not the end of the world if i dont get it.

Also i noticed the vendor has a board up from another EA.. Think i could use that as leverage with them when i see them and if the appointment is really a mortgage advice appointment? IE tell them id come to put down an offer and not for this mortgage advice and that id rather deal with the other EA and Id be letting the vendor know how they have dealt with a potential buyer?

AndrewSmith

Tip for you,

If you end up in front of their broker, complain. You are supposed to be made aware of exactly what the appointment is for and why you are there if you are sitting with a mortgage consultant. Simply being told 'we want to verify your offer' etc is not good enough.

Also, as I know the agents you are speaking of, tell them that you want to use a mortgage broker who is not tied to a limited panel of lenders like they are. Tell them that you also know that they are owned by the Skipton Group who own the Skipton Building Society along with a couple of other lenders, and as such you feel that they will not be completely impartial in any mortgage advice they give to you.

In the meantime have an urgent chat to a genuine whole market broker and have them arrange an agreement in principle for you. Take this along to the meeting on Friday.

Either that or get your broker to make the offer for you. That's what I do for clients and they then never get bullied into seeing the Estate Agents broker.

Andy

AndrewSmith

Also another thing,

Regardless of what they may try and tell you DO NOT let them hold onto your original payslip.

This is the oldest trick in the book to make you go back to their office, and they will try to tell you that they need to keep the original for the lender to see. This is absolute hogwash and don't fall for it!!!! Lenders will accept certified photocopies of all documents these days.

Tell them that they can look at it in your presence but you need it to give to your independant whole market broker.

Andy

Ian_W

Or alternatively, ring the other agents, arrange a second/further viewing through them [you should never buy after only one viewing, IMO, if that is the case] and when you've viewed the property again make the offer through them. That, or if you live locally and can get to the house easily, drop a letter through the door outling your offer and stating that Connells [whoops!] wouldn't accept it on the phone but you wanted them to know asap that you were offering on their property.

TomPearce1984

Personally i would not even show them your pay slip, they do not need to know what you are earning, as long as you have and AIP that should be all they need, show them your payslip and they may start to work out that you can go higher and will try to push you.

Tom

sambessey

I agree. I don't see why they need to know what you are earning. I have just had an offer accepted on a property. I spoke to the agency's financial guy just after I offered (but before it was accepted) and he did ask me how much I earned, but I declined to tell him. There is absolutley no reason to tell them.

david29dpo

this sort of behavior makes me sick, tell the vendor at once what these low life's are doing to your potential buyers.

matto

If you show them your payslips they'll have a better idea of the maximum amount you could borrow and could use that information against you.

I'd knock on the door and make an offer direct to the vendor.
If you went through the other agent it might make things awkward for the vendor as the first estate agent would try and claim their fee as they introduced you (although not your problem). So in any case it might be worthwhile ringing the first estate agent again and if they won't allow you to make an offer over the phone tell them you'll be making an offer via another agent.

rchddap1

Does sound like a mortgage appointment on the sly to me. Personally if there is another EA marketing this property when I went in to the first EA I wouldn't take any of the requested information (at least I wouldn't tell them). If / when they asked about the information they requested to see I'd start to grill them on why they needed to see that as I'm not getting a mortgage through them....only making an offer.

Stick to your guns on this one and don't be afraid to tell them to get knotted.....and then go and see the others.

sablade

It's always best to only deal with EAs who are members of th NAEA and OEA who have to abide by strict rules above the law. EAs who are members have been crying out for years to be licenced by the government. If this firm are members - report them. By law any offer has to be submitted unless the vendor has put in writing to the EA stopping this.

http://www.findaproperty.com/story.aspx?storyid=4968

http://www.oft.gov.uk/Business/Legal/Estate/estate+agents+act+handling+negotiations.htm

http://www.naea.org.uk/the_naea/default.asp

http://www.oea.co.uk/

ems2

Similar has happened to me and I asked outright if they were trying to sell me a mortgage because i didnt want one as was happy with my own choice. which they accepted. If when you get there they introduce you to the mortgage broker just say NO, I am here to am an offer, maybe have this in writing, and that is all.

If they are this manipulating/dodgy at the offer stage what are they gong to be like later on...