Estate Agent won't put forward my offer until I talk to their mortgage people

DVardysShadow

mandi wrote: »

BUT my impression still is that BE using this as an opportunity to generate mortgage leads

I totally agree. They have bamboozled the vendor into ticking the box. If it is explained to a vendor that the vetting means that they won't get any timewasters, of course they will tick the box.

More fool the vendors - who might actually change their minds when they see themselves in the position of having to hand over bank statements to pushy mortgage advisers.

BobQ

THis is disgraceful and shows that the "profession" has not changed its dubious ways. I recall in the sellers market of the 1980s getting this approach from an estate agent. In my naivity I ended up with a missold endowment mortgage - still got it!

Tell them you will write to their association about their lack of professional standards and inform the owner direct if you can.

That said I can see why an agent might want some confirmation that you were not wasting his time but in the current market this attitude is stupid.

One_Day_Rodney

DVardysShadow said

There is no Estate Agency Act

You are, I afraid, incorrect. It is quoted in the following document from The Property Omdundsman

"General Obligations

1b 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 1979 and all secondary legislation: The Property Misdescriptions Act 1991 and all

secondary legislation; Data Protection Act 1998, Unfair Terms in Consumer Contract Regulations 1999, The

Housing Act 2004 and all secondary legislation, The Consumers, Estate Agents and Redress Act 2007, Consumer
Protection from Unfair Trading Regulations 2008, Cancellation of Contracts made in a Consumer’s Home or Place of

Work etc Regulations 2008 and all other current and relevant legislation."

Full Document Here

Unfair trading regulations may apply too.....

Here

I understand the view of DVardysShadow but also agree with mandi, the process of vetting need only go as far as the potential buyer providing documentary evidence that they are finacially in a position to proceed. This can be bank statements or AIP etc. Anything more than this (I think) would be breaking the law.

I wonder if the estate agent in question really fully explained the implication of ticking the 'vetting' box to the seller?

I personally would arrange a second viewing and insist the seller was there because you want to ask them some questions while actually at the property. Even if the agent is also present at the time, I would say to the seller at the end of the viewing "Yes, I will definitely be putting an offer in! " (or words to the effect of) also drop into the conversation (while viewing) that you have all your finances in position. They will then question the Estate agent when no offer is received.

DVardysShadow

One_Day_Rodney wrote: »

DVardysShadow said


You are, I afraid, incorrect. It is quoted in the following document from The Property Omdundsman

"General Obligations

1b 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 1979 and all secondary legislation: The Property Misdescriptions Act 1991 and all

Read your quote very carefully. There is no Estate Agency Act.

So, you, I am afraid, are even incorrecter than I.

One_Day_Rodney

Within the framework of this forum, semantics, but I'm not one to take it personally
Where all here to help

Credit-Crunched

BobQ wrote: »

THis is disgraceful and shows that the "profession" has not changed its dubious ways. I recall in the sellers market of the 1980s getting this approach from an estate agent. In my naivity I ended up with a missold endowment mortgage - still got it!

Tell them you will write to their association about their lack of professional standards and inform the owner direct if you can.

That said I can see why an agent might want some confirmation that you were not wasting his time but in the current market this attitude is stupid.

And these cowboys continue to be avoid the heavy regulation that RDR will impose upon many small IFA firms who account for minimal complaints. Mortgages and their referral process need to be really looked into.

Can you imagine this sceanrio

'no you can not have a bank account with us until you invest 10k with your financial advisors' - strung up springs to mind


EA are skill less used car sales men, house's sell themselves, 2% to take some photos and open a door, madness.

MissMotivation

Credit-Crunched wrote: »

And these cowboys continue to be avoid the heavy regulation that RDR will impose upon many small IFA firms who account for minimal complaints. Mortgages and their referral process need to be really looked into.

Can you imagine this sceanrio

'no you can not have a bank account with us until you invest 10k with your financial advisors' - strung up springs to mind


EA are skill less used car sales men, house's sell themselves, 2% to take some photos and open a door, madness.

Oh really, do they? Funny that as there are so many houses trying to be sold by private sellers that, wait for it, aren't selling!

If you think that all we do is take photographs and open doors then you are a fool.

PS.....show me an agent that gets 2% these days!

zappahey

Credit-Crunched wrote: »

EA are skill less used car sales men, house's sell themselves, 2% to take some photos and open a door, madness.

I'm no fan of EAs but that's a painfully simplistic view of what an EA does.

Credit-Crunched

MissMotivation wrote: »

Oh really, do they? Funny that as there are so many houses trying to be sold by private sellers that, wait for it, aren't selling!

If you think that all we do is take photographs and open doors then you are a fool.

PS.....show me an agent that gets 2% these days!

I am sorry, I forgot you undertake years of training to become an estate agent.

The level of estate agents I have dealt with, and they are many, are simply pushy sales people with not an ounce of intelligence between their ears mounted on their 'Next' shirt and tie combo set.

When you look into their world, remove the smoke and mirrors it is a very very simple and basic occupation and stating anything other is just compounding your onslaught of lies!

You treat the solictors dealing with the cases like they are the fools and talk to them like sh*t, however they are more intelligent and posses more skillfull attributes than your whole profession.

So please drop the act and admit that you guys get paid money for old rope, and careful what you wish for. I can see a huge increase in private house sales in the future.

Maybe 2% was generous, however its a damn sight more than the skilled and trained solicitor is getting

DVardysShadow

Credit-Crunched wrote: »

I am sorry, I forgot you undertake years of training to become an estate agent.

The level of estate agents I have dealt with, and they are many, are simply pushy sales people with not an ounce of intelligence between their ears mounted on their 'Next' shirt and tie combo set.

When you look into their world, remove the smoke and mirrors it is a very very simple and basic occupation and stating anything other is just compounding your onslaught of lies!

You treat the solictors dealing with the cases like they are the fools and talk to them like sh*t, however they are more intelligent and posses more skillfull attributes than your whole profession.

So please drop the act and admit that you guys get paid money for old rope, and careful what you wish for. I can see a huge increase in private house sales in the future.

Maybe 2% was generous, however its a damn sight more than the skilled and trained solicitor is getting

OK, so we know where you are coming from.

MissMotivation and I have crossed swords in the past. But I do know that diligent Estate Agents can make a big difference for their clients, the sellers. And even as a buyer, a good Estate Agent can oil the wheels between buyer and seller and make a difference the buyer appreciates.

I would class MissMotivation as a diligent person. And Mrs Shadow and I are very happy where we are as a result of a diligent Estate Agent doing his job well.