Agent insisting we see there IFA

pinkshoes

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?

Tell them you'd LOVE to see their IFA, and allow them to book the appointment.

When the IFA asks any finance related questions, just reply that as they work with the EA, and the EA works for the vendor, then telling them this information would be a conflict of interest, therefore you cannot disclose it.

Does the vendor live in the property? If so, I would write to the EA AND the vendor with your offer.

_Andy_

Tell them to stick it.
I had the same years back - EA insisting I saw their broker even though I was a mortgage broker myself at the time. Muppets.

Surbybird

ValHaller wrote: »

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

Indeed. When I bought my house, the vendor's EA asked me to either take in proof of my deposit and AIP or meet with their adviser and my solicitor faxed them a statement saying that she had seen both proof of deposit and had a copy of my AIP so I was able and ready to proceed and they should act accordingly. They did.

K

Voyager2002

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?

It is entirely reasonable that the EA ensures that you two can prove your identity and have access to the funds that you have offered. Obviously you do not want to tell the EA the maximum amount of money that you could raise: when in this kind of situation I asked my mortgage lender to provide a letter confirming that they were willing to lend me a specific sum of money (the amount I needed for my offer) although they made it clear that they were willing to lend more than this.

ValHaller

Voyager2002 wrote: »

It is entirely reasonable that the EA ensures that you two can prove your identity and have access to the funds that you have offered. Obviously you do not want to tell the EA the maximum amount of money that you could raise: when in this kind of situation I asked my mortgage lender to provide a letter confirming that they were willing to lend me a specific sum of money (the amount I needed for my offer) although they made it clear that they were willing to lend more than this.

There is no need for EA's to prove ID. This should all be done by the buyer's solicitor.

orcocan

EAs are all full of BS.

The other day when I met one for a second viewing they insisted I met their financial advisor before the viewing, because "should you ever decide to make an offer, he's the one who actually communicates any offers to the vendor".
When I asked the EA "wouldn't that be your job?" he started mumbling some nonsense.

F-ing muppets

chappers

Whilst I generally agree that EAs and buyers don't need to know most of this information at the viewing stage. Once offers are made and before they are accepted this information helps a vendor decide which offer to accept.
It was an old developers trick in the past to say you were a cash buyer when that wasn't the case, get the vendor to accept your offer on the basis that you could procede quickly then string it out whilst arranging a mortgage. Many a deal falls through due to the buyer being unable to secure a mortgage.
Written confirmation from the buyers solicitor should suffice however.

Gordon_Hose

They can't be independent if they work for the Estate Agent, surely!

I'll never see another financial "advisor" that works for/in an EA since one told me to borrow money on a credit card to increase my deposit.

DRP

chappers wrote: »

Whilst I generally agree that EAs and buyers don't need to know most of this information at the viewing stage. Once offers are made and before they are accepted this information helps a vendor decide which offer to accept.
It was an old developers trick in the past to say you were a cash buyer when that wasn't the case, get the vendor to accept your offer on the basis that you could procede quickly then string it out whilst arranging a mortgage. Many a deal falls through due to the buyer being unable to secure a mortgage.
Written confirmation from the buyers solicitor should suffice however.

I have to disagree a bit with this.

IMO it should go like this:

1) Viewer makes offer (and describes their 'situation' - FTB etc)

2) Vendor accepts offer subject to seeing AIP immediately and also subject to booking a survey & appointing solicitor within a suitable time-frame.

This means both parties have protection.

kingstreet

Independent in this context concerns how advice is given, not in terms of the relationship between buyer, agent and vendor.

In my experience, EA advisers do not offer independent mortgage advice. They may be whole market for commission-paying deals, or work from a small panel of lenders which gives their firm survey work, charge a fee, have a single insurance tie and push in-house conveyancing to maximise the profit for themselves and their employer.

Some smaller firms may still have a tie-up with a small, independent mortgage broker which does give independent advice, but that would be the exception, these days.