Estate Agent requirements for making an offer... seem a bit over the top...

sarah_elton

Things to include in offer:

1) Why you're a great buyer (serious FTB, finances in place, solicitor organised, can work to the vendor's timetable)

2) Price offered

3) What it includes (carpets, curtains, anything else from the house you want to stay)

#1 is useful if you're offering less than asking - your position is definitely worth something.

Kaj

"They also want me to bring in my mortgage offer and proof of deposit." i can understand them wanting to see that even if you dont go and see the FA

sleepybee

Problem is though that the proof of deposit is the remortage of a property my mum has- and the only proof of it I have shows the full amount- combined with my mortgage offer they will see that (potentially) I can afford more.... I could of course always talk about how all that money from my mum's remortage is not mine- however I'd rather not have to explain my finances in detail to an EA who at the end of the day is going to want to get a higher sale.......

NyimaR

If you say that the deposit is a gift from a parent they should hopefully accept that, if not then you need the money transferred into your account so you can show a bank statement!

sleepybee

NyimaR wrote: »

If you say that the deposit is a gift from a parent they should hopefully accept that, if not then you need the money transferred into your account so you can show a bank statement!

Thats a good Idea- thanks NyimaR

betmunch

I know it has already been said but heres my take on the situation.

They have to put the offer forward there is no too ways about that. You dont have to put it in writing, but it is advisable. If you do put it in writing I would copy the Vendor in as well.

The EA does have a duty to make sure that you can pay what you are offering on the house. This is where some of them take the pi$$ a bit. If you take along proof of your deposit and an AIP showing that you can get the mortgage required then this satisfies that requirement.

If you dont prove you can back up your offer the vendor will be informed that while you have offered x money they should leave the house on the market until you supply proof of funding. The Vendor will then make a decision on the offer and how they proceed.

Personnally I would agree to the appointment and take along the AIP you have already and let the Mortgage Adviser run through his speil and then say that as the Mortgage you have already sourced is cheaper you will be using them rather than the EA advisor and thank him for your time.

You will get a lot better response by playing their game than stopping them play it. And yes I realise that is wrong, but thats the way it is

brit1234

The estate agent is there for the vendor not the buyer. Thus the buyer should have all mortgage dealings separate from the agent.

Don't let them bully you, they have no power too. If they try it name and shame them on the internet.

betmunch

Problem is they do have the power too - They have the house you want!

They shouldnt do it, but many do. If they are named, shamed, and reported this may one day change!

sleepybee

Thought I'd let you know how it went. I ended up popping in a little early for my apt and saying that I needed to be quick as I had a meeting in the afternoon (was actually true). The inhouse FA was actually quite friendly and when i showed him my First Direct illustration admitted that it was a pretty good deal and that he wouldnt be able to beat it. I didnt in the end have to show any proof of the deposit. We had a friendly little chat and he took my written offer- took about 20 mins. Had the guy been the pushy type i'm sure it could have been worse.

Definitely annoying that I had to go through this extra little hoop but if it means keeping things going a little smoother and as said above 'in the end they have the house i want to buy' then i guess worth it.

Thanks for all your advice peeps!!!

moneysavingplumber

We had a little bit of this nonsense with the vendor's agent that we're buying from. Here's a little excerpt from the email I sent them:

"A matter that has begun to concern us, not only with *******, but
other agents we are trying arrange property viewings with, is the persistent
offering of financial products brokered through yourselves. It seems to have
been suggested to me on the phone, somewhat subtly, by several agents, that
our offers may not be viewed seriously or favourably by vendors if we have
not secured an AIP through the vendor's agent's own mortgage adviser.
Obviously this would be in contradiction to Section 6c of the Property
Ombudsman Code of Practice for Residential Sales, which deems such a
practice illegal."

They didn't broach the subject again, never even mentioned the email. Offer was forwarded, accepted and is now in the valuation process.

I would have been perfectly happy to meet with their advisor, but it's well known that at the 90% LTV level of the market, the very best deals are generally direct with the lender, especially on a 5 year fixed. No broker I found could get close to CO-OP/Britannias' 5.89%, and openly admitted as much.