Tried to make an offer today but....

Southend1

MissMotivation wrote: »

No....they have a duty of care to the person paying their fees.

Buyers do lie, Vendors Lie, some EA's lie......it's a fact of life.

But why should I have to disclose my max. budget to the agent who obviously has an interest in making sure the seller sells at that price?

It all sounds very dodgy to me and that's why I'm not happy with it. I absolutely don't have anything to hide but I'm taking the vendor on trust that he won't pull out after accepting my offer so why can't the agent/vendor trust that I'm making my offer from a position of being able to proceed?

I bet the vendor won't be over the moon when I tell him I've been trying all day to make an offer but the EA won't let me!

Southend1

zappahey wrote: »

I know exactly for whom the EA works, that's why, as a buyer, I would not want to disclose my financial position to you.


No reason at all, it's only a question of the sequence of events.

Exactly!! That's my thinking too!

MissMotivation

Southend1 wrote: »

I bet the vendor won't be over the moon when I tell him I've been trying all day to make an offer but the EA won't let me!

I wouldn't bank on it, my Vendors would want to know that the person offering was qualified before negotiating on an offer.

Look, just offer what you want to and if it's declined then move on....no-one can force you to make a higher offer....even if you can afford to pay more.

Southend1

MissMotivation wrote: »

I wouldn't bank on it, my Vendors would want to know that the person offering was qualified before negotiating on an offer.

Look, just offer what you want to and if it's declined then move on....no-one can force you to make a higher offer....even if you can afford to pay more.

Sorry MissMotivation but we are going to have to agree to disagree. As far as I'm concerned being "qualified" by an agent is invasive, unneccesary and puts me in a weaker position as a buyer. And I won't do it until after a deal is agreed (if at all!). I understand where you are coming from as an EA yourself but really the agent has no right to know if I am in a position to proceed, that is a matter between myself and the vendor and has to be taken on trust just as I am taking them on trust that their intention to sell is serious. I do not want to give personal information about myself to someone who is in a position to use it to my disadvantage regardless of whether or not it is their intention to do so!

MissMotivation

Southend1 wrote: »

Sorry MissMotivation but we are going to have to agree to disagree. As far as I'm concerned being "qualified" by an agent is invasive, unneccesary and puts me in a weaker position as a buyer. And I won't do it until after a deal is agreed (if at all!). I understand where you are coming from as an EA yourself but really the agent has no right to know if I am in a position to proceed, that is a matter between myself and the vendor and has to be taken on trust just as I am taking them on trust that their intention to sell is serious. I do not want to give personal information about myself to someone who is in a position to use it to my disadvantage regardless of whether or not it is their intention to do so!

Then be prepared to lose out on properties. The EA is the Vendors agent and as such acts on the Vendors behalf. The EA is not asking to see personal information.....they are asking to see something that confirms you have spoken to a bank/building society/mortgage adviser. An AIP isn't anything more than confirming you ability to purchase.

Your stubborness over this will be your downfall.

Southend1

MissMotivation wrote: »

Then be prepared to lose out on properties. The EA is the Vendors agent and as such acts on the Vendors behalf. The EA is not asking to see personal information.....they are asking to see something that confirms you have spoken to a bank/building society/mortgage adviser. An AIP isn't anything more than confirming you ability to purchase.

Your stubborness over this will be your downfall.

So what exactly would be sufficient for them to see. If an AIP isn't good enough?! And surely my salary/bank balance/employment details etc are personal information?!

MissMotivation

Southend1 wrote: »

So what exactly would be sufficient for them to see. If an AIP isn't good enough?! And surely my salary/bank balance/employment details etc are personal information?!

If you had read my previous posts then you would have seen that I have said in at least 2 of my posts to just take in the AIP.

I've given the same advice to you twice now, if you choose not to take it thats your choice but if you do then you will at least have the chance to buy the property you are interested in.

woodsey2002

Southend1 wrote: »

Sorry MissMotivation but we are going to have to agree to disagree. As far as I'm concerned being "qualified" by an agent is invasive, unneccesary and puts me in a weaker position as a buyer. And I won't do it until after a deal is agreed (if at all!). I understand where you are coming from as an EA yourself but really the agent has no right to know if I am in a position to proceed, that is a matter between myself and the vendor and has to be taken on trust just as I am taking them on trust that their intention to sell is serious. I do not want to give personal information about myself to someone who is in a position to use it to my disadvantage regardless of whether or not it is their intention to do so!

I competely agree, we lost a house after agreeing to see a broker at the EA's even though we already had an AIP..don't touch them with a barge pole.
We discovered from the vendor himself that the broker was actually negotiating with the vendor to try and get the vendor to accept something different to what we had offered..he was trying to get them to accept more for the property but to give us a gifted deposit so that he could get us the interest rate he initially promised us, it turned into a complete mess and they sold it to someone else.:mad:

its taken us a year to find another house and with this one all the negotiating was done before anyone even mentioned how we intended to pay for it.
Had they have asked I'd have told them to p*** off.

China2

This happened when we bought a little while ago. We had arranged our AIP through a independent broker already so we just gave the EA his contact details and said he has our paperwork and can confirm our position.

When we next saw the broker he told us that the EA had tried to get him to disclose the maximum amount of the offer. The broker refused and said he would only confirm that it covered our offer amount.

So I see exactly why you are concerned and definitely wouldn't show them! Was your AIP through a broker? in which case you may be able to do something similar.

Acidic_Camel

Just to throw in my recent experience...

When we got our AIP we were told explicitly by the bank (two, in fact) that the estate agents would request it if we had an offer accepted. At some point you will have to show it to the EA because they will need the proof that you can pay what you claim.

The 'risk' that the vendor will raise their offer after seeing the AIP won't go away, surely? They will need to see it before you sign the contract and they can still raise their asking price up to that point - the invasiveness aside, your position as a buyer is no better I would have thought? Possibly even hurt as the vendor gets the impression that you have something to hide.

Personally, I agree that it's a crap system, open to abuse, but I don't see how that's going to change any time soon.