Agent insisting we see there IFA

dodienapier

We have put an offer on a house. We are in a strong position 40% deposit 60 % AIP. The agent has advised that if the offer is accepted, then they will not take the property off the market until I both my husband and I, see their IFA with proof of ID and the AIP. Is this the norm? Can they do that?

BASFORDLAD

Tell them to sod of its purely a commission thing, they want to sell you a mortgage.

I would tell the seller what their agent is up to. Dont stand for their silly games.

They only want to sweet talk you. Its quite common practice. I've told them to go forth and multiply when they have tried that on with me

vegasbaby100

we had the same with a countrywide estate agent, they would not let us vire until we proved we were in a position to move forward. Saw their IAF for all of 5 mins they did not eben try to sell to us. apparently the vendor had asked for only proceedable viewings

ACG

Tell them to do one.
Report them to trading standards, what theyre doing isnt allowed.

Just tell them your nephew is a mortgage advisor and they have done the research for you or something.

grifferz

ACG wrote: »

Tell them to do one.
Report them to trading standards, what theyre doing isnt allowed.

If the vendor has instructed them to check that any buyer is proceedable, and they interpret that as "buyer sees our IFA or else shows us an AIP", is that allowed?

Appreciate in this case it just sounds like they are trying to get everyone to see their advisor..

ACG

They have an AIP.

Who in their right mind is going to make an offer and get an AIP if they have no intention of going ahead.

I bought my house recently, the estate agent asked to book me in with their estate agent (note i said asked, not told me i had to). I told them i was an advisor so its a waste of their time. They said thats fine but they would want to see a bank statement showing my deposit and an AIP - to me thats pretty reasonable.

ValHaller

There is too much conflict of interest with an agent seeing an AIP and proof of deposit. It reveals the buyer's entire ahnd to the seller. The verification of funds should be via the buyer's solicitor

whalster

Go knock on the vendors door tell them what the agent is asking for and is a total ******** and tell them that the offer is there take it or leave it but they have while lunch time to make their mind up .

hazyjo

My mortgage provider faxed something along saying I was good for the price we'd agreed. Told her not to mention what mortgage I was asking for, or what they'd agreed I could borrow. EAs were reluctant, but if you talk to them like you know what you're on about, and make out like you just want to get the transaction underway, they usually just get on with it.

Jx

ACG

Good point ValHaller - i only took in the AIP after we had agreed a price.
I would have walked away had they then tried to play silly beggers and increase the price.

Just take something in that shows the amount you need for the mortgage, if you can, take out the page that says the maximum they would be prepared to lend you, or feed them full of (the proverbial) and just say they would never lend you the maximum as you have a monthly expenditure that was never asked about at the AIP stage.

brush-head©

dodienapier wrote: »

We have put an offer on a house. We are in a strong position 40% deposit 60 % AIP. The agent has advised that if the offer is accepted, then they will not take the property off the market until I both my husband and I, see their IFA with proof of ID and the AIP. Is this the norm? Can they do that?

BASFORDLAD is right. I just put an offer on a property which has been accepted. *My* solicitor needs to know for 2 reasons, 1st to do with money laundering regs & 2nd to make sure that there is a good chance I can complete on the deal.
Treat EA's with the contempt they deserve. They don't turn up on time, very often provide mis-leading information, cloud the issue. Having said that the EA for the property I'm just buying has been good & is not your normal flannel merchant. As a buyer you are their customer & you have no contractual obligations to the vendors EA. Be hard nosed & enjoy it!