Estate Agent requires Proof of Income and Deposit to take Property off Market?

londonlydia

Gopes wrote: »

Actually, it was 'Ward and Partners'. In the end, we decided not to proceed with that property, and have now successfully got an offer accepted on the other property we were interested in.:T

Thanks to all for your comments and suggestions.
Gopes

Yup...just about the worst EAs around. We stopped viewing houses with them in the end. We know someone who worked for them, and they said that before they let you out they put you on a course where you're taugh to hard-sell, and even lie if needed!

Glad you got the other place instead though

KateLiana27

DON'T DO IT!

If you do, expect a call a few days/weeks later saying the vendors have had a better offer from a previous viewer/a problem with their chain, and can you match £5000 extra? (or whatever your finances indicate that you can stretch to).

A condition of YOUR offer should be that it only stands if the property is taken off the market within 48 hours. If the vendor (not the EA, but the vendor) is not prepared to accept this, they can find themselves another buyer.

Oh, and the LENGTHS that they will go to to get you to see their mortgage consultant, you wouldn't believe. It makes them thousands of pounds in commission so I guess I can see why they'd try any trick in the book...

sjlou

I concur with the majority. Dont do it, you dont need to!

Burchell Edwards tried to force us into a meeting with their in house mortgage advisor because"we offer all our sellers pre-vetted buyers".
We said no, had some pressure off the negotiator, and in the end they settled with speaking to our mortgage advisor (already know by the agent)who could confirm our proceedability.

At the end of the day they have to submit all offers to the vendor, they will just say it is "un-vetted" by them.

They also tried to sell us Be Legal, as our vendor was using them and it would speed up the whole process.
We politely refused.
Our solicitor then found them quite difficult to deal with, never being able to speak to the same person twice!

dazzler44

betmunch wrote: »

Chances are this is a blag to get you to use their mortgage consultant.

I would suggest you have the figure agreed before you go in, or your literally telling them what you earn, and therefore borrow. Doing this before the offer is accepted damages your negotiating position.

Once the figure is agreed I would go in, see what they have to say, do not use their mortgage advisor unless you want to. Do not be bullied into it!

I suspect you are dealing with a Countrywide, Connells, or Reeds Rains Estate Agent, am I right?

its exactly that, a blag ! i worked for them for 4 years as aMortgage C in branch and so much of the mortgage consultant business comes from Offers in Branch and qualifying offers .....i was expected......dont use their conveyancers....they are !!!!! beyond belief

adindas

DRP wrote: »

i think the EA told the OP to bring his details when the offer has been accepted.

I can understand the reasoning behind this. An appropriate agreement in principle should be an acceptable alternative to bank details etc...

I will say it is very reasonable and very fair if buying with mortgage. In the current climate where it is very difficult to get a mortgage appoved, The EA wants to see evidence that the potential buyer is likely to get mortgage. This will defenitely related to how much they earn, proof that they already have deposit in place accoding to what he has claimed.

The vendor does not want to loose his marketing potential from other prospective buyers, timewasters, if they think that the one who is making an offer is unlikely to get a mortgage, time wasters. Think about if every time the prospectve buyer making an offer and ask for the property to be taken off the market and and later found they can not get a mortgage, how many days the vendor loose in term of marketing potential ?

Knowing that offer in E&W is not legally binding, it will mean that even a jobless without deposit, non-earners, people on benefit would be able make an offer as they know he could just pull out anytime he wants to. An EA is aware about this and therefore is trying to protect their client, the vendor.

I am a buyer, I fully understand if the vendor want to do this. If I were in their shoes that was also what I would be doing.

Look at here for instance and you will understand from vendor POV
https://forums.moneysavingexpert.com/discussion/4030071

roger196

This request is as reasonable as you insisting on seeing the vendors mortgage position, bank statemnts so that you can see how low he could afford to go. While you at it why don't you ask to see the ea's accounts. I have done this in the past when faced with such requests.
You need to phrase this diplomatically. There is no obligation to give away any of your negotiating position, either weak or strong to the other side.