EA requesting formal offer at their office?

sablade

It's rubbish you have to go into the office, tell them your offer, if you have a related sale (and details of that) and your financial situation, it's normal for them to check your story with your ea/mort broker and or solicitor. I would expect a reply on my offer within the hour even if it's to say they have left a message for vendor to call back.

Cristy

I think I know which agents you are talking about, as we bought our house through them and they asked us to come in the office to make the offer, bring in proof of id and address, so that they could 'verify our position'. We didn't question this at the time, as we were just keen to snap up the house.

In the end, my husband went in on his own with information on us both, and yes, he was made to sit down with the broker to verify our financial position. But we already had a mortgage arranged with our current lender and we were not pressured in any way to either offer more or switch.

If truth be told, it helped us to see the mortgage broker as our lender is one of the ones they worked with, and they had refused to release a written AIP (required by the EA to take the house off the market) until the mortgage application was sent in. The broker knew that that is how the Portman works, and that was enough for them to take the house off the market for us.

Still, it is sneaky of this EA chain to do this and I can see how it might tick people off. In our case it wasn't so bad, although my DH had to travel a 60 mile round trip just to go and see them.

Mental_Mentor

The EA has a lagal responsibility to put an offer forward to their vendor. They have been appointed by the vendor to SELL the property. I think the vendor would be very interested (and annoyed) at what the EA is making you do as it has the potential to put buyers off. Perhaps you could pop round and explain you are wanting to make an offer but the EA is making you jump through hoops.

Jorgan_2

It certainly seems like they are trying to get the mort appt, the i.d. may be require to comply with money laundering regulations, depends on your financial situation, so you may have to present this & a proof of address.

I'd be interested to know how the agent knows the property won't be sold before your appt. Its on with another agent & they may have other buyers that may be interested, certainly doesn't sound as if he is acting in the best interest of his client.

Me_Myself_2

Let us know how you got on.

mistyarthur

Is it possible to go with the other EA now because connells introduced them?
Do they not hold some kind of contract stating that whoever they introduce they effectively have rights to?

Jorgan_2

mistyarthur wrote:

Is it possible to go with the other EA now because connells introduced them?
Do they not hold some kind of contract stating that whoever they introduce they effectively have rights to?

Correct, the vendor may be liable to two sets of fees if the second agent gets involved.

Tassotti

If there are two agents involved, surely neither can have sole selling rights. Can the original EA still claim their fee as they introduced the buyer.

If that is the case, the 2nd EA could also claim their fee if the buyer is registered with them as well.

Or am I way off track here?

sablade

dont worry about what agreement the vendor has with their agents that's between them. If you are not happy with the agent go and speak to the vendor. Or go into the agent with offer and tell them what broker you are using or listen to what their mort broker has to say, give them 5 minutes. The agent that introduces a buyer to a property will charge after exchange.

If the vendor feels you are fussing and another equal offer comes in from a relaxed purchaser the vendor may run with that offer.

The vendor may worry that you will withdraw just before exchange

Any offer has many variables

Amount, your financial position (cash, 10% mort, 95% mort etc)
Are you selling?
Length of chain behind you
How picky you are
Your job status
how fast can you exchange/complete

the best offer is from a purchaser who is cash (with proof) with no sale with a very fast solicitor

Some agents can offer a better deal on an 'independent' mortgage and push it through quicker.

Tassotti

sablade wrote:

dont worry about what agreement the vendor has with their agents that's between them.

That's true, but the point is, the vendor may be aware that they will have to pay 2 lots of fees if buyer goes with other EA and withdraw altogether.

The OP thenloses the property.