Wont accept my offer - any advice?

experience

I've seen a repossessed house and made an offer on it - the estate agent called me in to the office to see my agreement in principle and said they couldnt accept it as it wasnt one where a true credit check was carried out. So their in house mortgage advisor said he could apply for the same mortgage their and then but unfortunately he couldnt find the same mortgage that i wanted so i left saying i'd call the bank to get an agreement in principle where a credit check was carried out. I called Natwest - however Natwest wont do it unless my offer is accepted and confirmed. She explained that it looked like the estate agent was trying to get me to apply for one of the mortgages the estate agent offered instead - has anyone else had this hassle?

baby_fuzz

We left our bank with a printed letter explaining that they were willing, in principle, to provide us with the funds should we proceed with a purchase. We worked on guestimates of how much the property would cost, and how much we wanted to borrow. As we had a very big deposit, they did not have any trouble giving us the mortgage and agreement in principle.

HRV

Get an agreement in principle from the EA mortgage advisor on a similar mortgage to the one you want. Hand it in and get the offer accepted. Then go and get the mortgage you want.

We are doing this at the mo. They don't care whether you go with this mortgage just want proof you can get the money

Fire_Fox

The estate agent has a legal responsibility to put all offers to the vendor. Submit your offer in writing stating your strong position, enclosing a copy of your mortgage in principle and ask for a written response.

If you get a credit check there will be an imprint on your credit file, you should not have too many searches on your credit report in a short period or this will count against you. You may need a credit card or two in the next few months, repo houses can need a lot of bits and bobs doing to them. I wouldn't accept seeing the in house mortgage advisor or conveyancing solicitor, frankly I don't trust that relationship!

experience

I thought the letter i had from Natwest stating they would lend me £xxx in principle would be enough but apparently not unless the aip was credit scored. I'l do as HRV has stated and get the EA mortgage advisor to do an agreement in principle - its just annoying as it will put a foot print on my credit file and my offer might not even be accepted.

I find estate agents very crafty - i feel that if you dont play it their way they wont play ball and submit your offer - who's to know if your offers been put forward or not? - They can say it has and lie though their teeth!

Fire_Fox

experience wrote: »

I find estate agents very crafty - i feel that if you dont play it their way they wont play ball and submit your offer - who's to know if your offers been put forward or not? - They can say it has and lie though their teeth!

Hence I suggested you submit your offer in writing and ask for a written response!

GDB2222

If they won't accept your offer, have you considered the approach taken in The Godfather?

googler

experience wrote: »

I find estate agents very crafty - i feel that if you dont play it their way they wont play ball and submit your offer - who's to know if your offers been put forward or not? - They can say it has and lie though their teeth!

Why would they do that?

If they sit on your offer, they don't get paid because the house doesn't sell.

If they put your offer to the vendor, there's a possible sale and the possibility that they get paid.

What would you do?

princeofpounds

I can't tell if this is serious or a troll, but this is the situation.

What the EA is doing is very, very shady. They are simply trying to get you to apply for the mortgage through their own inhouse advisor to earn a fee. There is no 'credit check' for a house offer and it is nothing to do with the EA to determine if a proper offer has been passed on.

Here is how to respond to it. Tell them you will not be seeing their inhouse mortgage advisor and submit your offer in writing. Tell them that you are aware that it is their *legal* responsibility to pass on an offer made in writing and that you want them to do that, and also to get confirmation direct from the vendor that the offer has been received given that they have refused to pass on the offer in the first instance.

If you can, speak direct to the vendor so that they are aware of the situation. They would not be happy with the EA for doing this. If you received this guidance from the EA in any kind of written form it might also be worth complaining to their trade association, if they are a member (they don't have to be) and/or the OFT. But you might want to leave that for now as you concern is to contact the vendor, not make an enemy of the EA.

princessamy86

The problem with repossessions is that the repo companies are so picky about what is and isn't acceptable proof of funds. I must say, I don't see how they could tell off an AIP whether or not you had a credit check, because it simply doesn't have that kind of information on it-BUT the repo companies we deal with all insist that we have people properly financially qualified by our mortgage advisor. It doesn't matter whether or not they actually apply for the mortgage, but they do need to see him. Repo companies won't even consider the offer (and by that I mean they won't even log it on their system, or give a "possibly" answer) unless they have all the paperwork they require-usually proof of funds, an offer confirmation form, solicitors details, best price letter from the agent, proof of advertising...and the list goes on and on.

DVardysShadow

princeofpounds wrote: »

...
What the EA is doing is very, very shady. They are simply trying to get you to apply for the mortgage through their own inhouse advisor to earn a fee. There is no 'credit check' for a house offer and it is nothing to do with the EA to determine if a proper offer has been passed on.

princessamy86 wrote: »

The problem with repossessions is that the repo companies are so picky about what is and isn't acceptable proof of funds. I must say, I don't see how they could tell off an AIP whether or not you had a credit check, because it simply doesn't have that kind of information on it-BUT the repo companies we deal with all insist that we have people properly financially qualified by our mortgage advisor. It doesn't matter whether or not they actually apply for the mortgage, but they do need to see him.

princeofpounds is correct. This is shady.

princessamy, thanks for detailing the process.

It is clear to me that the agent is using the vendors requirement for prequalification to force mortgage business their way. The 'not credit checked' line is just a supporting lie.