Estate agents

gafs

Im a first time buyer and I have encountered the pushy estate agents. I work in a bank so I know my mortgage deal is untouchable as its at base rate, however entwistle green refused to let us make an offer on a property until we wasted our time coming in to see one of their "financial advisors" to tell us their figures and try to persuade us to come out of our deal. I was just wondering if this is the norm? And are they allowed to do this?

sonastin

Its normal, its frowned upon and its absolutely not a requirement if you don't want to take them up on it. There are a lot of ways around it if you want to keep going with the purchase...

Put your offer in writing and cc the vendor (if its an owner-occupier, you know where they live!).

Tell them you get a "staff only" rate that their mortgage guy can't touch.

Offer to meet with their guy after the offer is accepted and then be unavailable on the day of the appointment (snow helps make this believable -as I found out when dealing with another EA in their chain!)

Agree to meet with him if you have a spare half hour. You don't have to actually tell him any details - just meeting with him should meet their requirements. Or just tell him your rate and ask him if he has any deals that match it.

etc etc etc

BlueC

I've come across this too. If they're really pushy I tend to let them make me a telephone appointment, and as soon as I tell the advisor my agreed rate over the phone they admit they can't beat it so realise they're wasting their time and leave me alone.

Still, the estate agent can't force you to speak with their advisor. Put the offer in writing and they have no choice but to pass it to the vendor. However, they may tell the vendor that they doubt you're in a position to proceed as they have seen no evidence etc which may sway the vendor to reject your offer, so its good to keep the EA on side if you can!

timmyt

gafs wrote: »

Im a first time buyer and I have encountered the pushy estate agents. I work in a bank so I know my mortgage deal is untouchable as its at base rate, however refused to let us make an offer on a property until we wasted our time coming in to see one of their "financial advisors" to tell us their figures and try to persuade us to come out of our deal. I was just wondering if this is the norm? And are they allowed to do this?

avoid like the plague as their own website says they recommend Countrywide Property Lawyers - who by this website's posts seem to be the worst conveyancers in the Country

Therefore the Agents have no intention of offering a complete package of service - avoid Entwistle Green - as they are trying to meet targets to sell financial rubbish to unsuspecting people.

BAD BAD BAD

tbs624

sonastin wrote: »

Its normal, its frowned upon and its absolutely not a requirement if you don't want to take them up on it.

It's not just "frowned upon" - it's contrary to the law.

The Estate Agents Act (1979) covers this issue. The OFT's summary:

Avoiding bias

You must not discriminate against potential buyers because they don't want, or might refuse, to take services from you or a connected person.
For example, you must not:

• refuse to provide information about a property to these buyers
• take longer to send property information to these buyers, compared to others
• set additional requirements, as a condition of passing on an offer, eg, forcing them to have a mortgage survey before you will pass on their offer to your client.

Send a formal letter of complaint to the top bod at the EA firm and report all EAs who try this one on - to the local Trading Standards Officer and to NAEA/TPO if the EA is signed up

From the NAEA Code of Practice:

General Obligations
You must comply with this Code of Practice. You must comply with all laws relating to residential estate agency - such as the Estate Agents Act 1997, The Estate Agents(Account) Regulations 1981, The Property Misdescriptions Act 1991, The Property Misdescriptions (Specified Matters) order 1992, The Housing Act 2004 and all other current and relevant legislation.

Discrimination
6c By law you must not discriminate, or threaten to discriminate, against a prospective buyer of the seller’s property because that person declines to accept that you will (directly or indirectly) provide services to them. Discrimination includes – but is not limited to – the following:

• Failing to tell the seller of an offer to buy the property
• Telling the seller of an offer less quickly than other offers you have received
• Misrepresenting the nature of the offer
• Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to them
• Making it a condition that the person wanting to buy the property must use any other service provided by you or anyone else

As Sonastin says, pass a written copy of your offer to the vendor as well as to the EA and make it clear that you are happy to provide proof that you have a mortgage offer lined up.

bandofbrothers

I would pop a letter thro their letterbox with my offer !

tbs624

timmyt wrote: »

avoid like the plague as their own website says they recommend xxx - who are the worst conveyancers in the Country

Therefore the Agents have no intention of offering a complete package of service - avoid xx - as they are trying to meet targets to sell financial rubbish to unsuspecting people.

BAD BAD BAD

timmyt - for someone who claims to be legally qualified you really need to be more careful about the potential for libel.

gafs

Thankyou for all your replies, I didnt think they where in the right doing this, its a shame for all the unsuspecting people who end up tied into something with them!
Thanks for your help

poppysarah

I'd drop a note through the house you're interested in saying you're interested but point out the EA are being arsey.

Catatonia

I agree with BlueC. It is illegal, but if you can't be bothered arguing with them about it, a telephone conversation usually takes about five to ten minutes with the advisor then admitting they can't beat your rate.

Yorkie1

Catatonia wrote: »

I agree with BlueC. It is illegal, but if you can't be bothered arguing with them about it, a telephone conversation usually takes about five to ten minutes with the advisor then admitting they can't beat your rate.

Yes, but by then they have all your information and who knows where that may end up ... EA knows how much you can afford etc etc