Estate agent won't allow viewings until after a mortgage interview!

betmunch

I work within and Estate Agents and even I think this is going too far, tell them to sick it!

I would also go round the property and speak to the vendors directly. If you agree a sale then you can deal with the Vendor.

The Vendor needs to know whats going on, as Googler pointed out the Vendor may have instructed this, but I very much doubt it.

Can you name the Agent?

Mrs_Money

No, I don't know offhand who the agent is - only the town. But I can find out.
They are phoning today to cancel the mortgage interview that was pushed on them by phone yesterday - don't know the outcome of that yet. They are only in their early 20s so they naturally are not prepared for all this and didn't expect to have to do battle with estate agents. But I think they're fast learners - this is now the second mortgage appointment that has been foisted on them without them asking! (First one was Fox & Sons who at least arranged viewings for them even after they cancelled the appointment!)

Anyway it's all a bit silly - the probability of an estate agent being able to find them a good mortgage deal with a 10% deposit is, I would think, slim. They already have this on offer from a (fairly) reputable local building society - so its all pie in the sky anyway.

DVardysShadow

There is always the possibility of getting a blank refusal from the EA then getting in touch with the owners and outlining the situation. If it went through to a sale, I would hope that the EA would be denied any commission.

mumoftwins

Sounds like a large firm of EA who are notorius for stitching up clients to use their mortgage advisor and their solictor - then are soooooo slow to progress the sale because one hand doesn't know what the other is doing!!!

telfordwhite

TOBRUK wrote: »

I agree with hazyjo, and I would never go for a mortgage interview with the vendors' estate agents - it's none of their business!

I don't want them to know how much I can actually go to - the last thing you want is for the estate agent know your hand! Any negotiating you do on a property would be compromised.

Not sure I agree with this.

What has them knowing how much money you have got to do with your negotiations? You decide what the property is worth and stand firm on it.

They will either accept your max offer or they won't.

Yorkie1

telfordwhite wrote: »

Not sure I agree with this.

What has them knowing how much money you have got to do with your negotiations? You decide what the property is worth and stand firm on it.

They will either accept your max offer or they won't.

I agree to a certain point, but if you tell them that you cannot afford any more, they won't believe you if they know how much more you can in fact afford.

Any EA who knew that a buyer could afford more is going to be stupid if he doesn't suggest to the seller to hold out for more.

TOBRUK

telfordwhite wrote: »

Not sure I agree with this.

What has them knowing how much money you have got to do with your negotiations? You decide what the property is worth and stand firm on it.

They will either accept your max offer or they won't.

If the vendor's estate agent knows exactly the sum you could actually go for then surely it affects any negotiations as they will press for more especially if they think that you really want the property.

If you tell them that x amount is your limit and they know that you can go up higher they will try their best to squeeze more.

Yorkie1 wrote: »

I agree to a certain point, but if you tell them that you cannot afford any more, they won't believe you if they know how much more you can in fact afford.

Any EA who knew that a buyer could afford more is going to be stupid if he doesn't suggest to the seller to hold out for more.

This is the point I was making.

I really don't think a vendor's estate agent has any business in requesting that you go to them for a mortgage interview. If you already have a mortgage in place you don't want everyone knowing your finances!

timmyt

Mrs_Money wrote: »

Some relatives of mine are househunting for their first property - an estate agent for one such property they are interested in has said they will not book a viewing for them until they have a mortgage interview with them! They have a mortgage arranged in principal anyway with a local branch of their Building Society - so don't need this.

This is a new on me - I thought it was absolutely priceless!!!!! I wonder if the vendors know this EA is putting off potential buyers like this?

Anyone else come across this situation?

SOLUTION:

you tell the estate agent that you are writing to the owner of the property informing them that you wish to view the property but that their agent is only accepting viewings from people who get their mortgage through them...which is putting lots of people off, and is simply bagging the estate agent extra commision from any mortgage they sell.

that threat, or even doing it, works a treat

good luck OP.

tawse57

As others have commented, this isdisgusting, put your offer direct to the vendor if the EA does not comply. Buyers are rarer than hens' teeth.

I suspect EAs are getting fed up with working for people who have no chance of getting a mortgage now. I am increasingly hearing of, in public sector job dominated areas, banks wanting 30% and even 40% deposit from potential buyers which kind of indicates where banks think house prices will go in those areas.

A friend was telling me that his house cost 40K 10 years ago but that he would have no chance of raising the deposit for it today valued at about 120K.

TOBRUK

timmyt wrote: »

SOLUTION:

you tell the estate agent that you are writing to the owner of the property informing them that you wish to view the property but that their agent is only accepting viewings from people who get their mortgage through them...which is putting lots of people off, and is simply bagging the estate agent extra commision from any mortgage they sell.

that threat, or even doing it, works a treat

good luck OP.

Yes and if they have any sense they will sack the estate agent and go elsewhere. If they have done it to one potential viewer/buyer, what are the chances that they have done the same to others.

If my estate agent was doing this to me (the vendor), I would hope really that someone would let me know about it.