Estate Agents: How involved?

RoxieW

I always thought that, once an offer had been accepted, that was job done for the estate agent. However, I had to go into the ea for our vendor on Monday to show them evidence of our funds to buy including bank statements - which I wasn't overly happy about. She then told me that she would instruct my solicitors and gave her recommendation. I told her I'd let her know and she was on the phone this morning about it to which I told her that we were comparing quotes (and she got very snippy saying that this would delay the process). She's also asked for a copy of our mortgage offer after survey and just seems to want to be a lot more involved than I had initially thought. I thought it was to be in the solicitor's hands from now. Is this the norm?

david29dpo

Not to me its not!
The agent should NOT be ringing your solicitor, nothing to do with them!
Its normal for an agent to check your ability to fund the purchase.

moneyistooshorttomention

In fairness, you should have already got quotes from solicitors and decided which one you would use BEFORE you put an offer in on a house. So I can understand the estate agent getting snippy that you hadn't yet found one. It might delay the process of you proceeding with buying the house (not all solicitors are as efficient as mine - eg the quote had been emailed back to me within 2 hours of my sending them an email requesting one).

Also, estate agents do have to check that people putting in an offer on a house are really in a position to be able to afford that house - eg by checking your bank statements. There are people who lie and say they can afford a house when they can't at all (the "eyes bigger than (financial) stomach syndrome).

giraffe69

eg by checking your bank statements.

Any agent seeking to do this would get a very dust answer from me. If I make an offer which is accepted and the agent wants some proof I am actually good for the offer then that is perfectly reasonable and the proof might come in the form of a letter from the bank or broker but not an agent viewing my bank statement.
I agree that sorting a solicitor should not have waited until this point. Lining one up does not commit any money to it until they have started work.

nollag2006

The EA is only doing their job checking that you have adequate funds and a valid mortgage offer.

Why did you even offer without having your solicitor arranged? Small wonder she is getting "snippy" with you !

ValHaller

RoxieW wrote: »

I always thought that, once an offer had been accepted, that was job done for the estate agent. However, I had to go into the ea for our vendor on Monday to show them evidence of our funds to buy including bank statements - which I wasn't overly happy about. She then told me that she would instruct my solicitors and gave her recommendation. I told her I'd let her know and she was on the phone this morning about it to which I told her that we were comparing quotes (and she got very snippy saying that this would delay the process). She's also asked for a copy of our mortgage offer after survey and just seems to want to be a lot more involved than I had initially thought. I thought it was to be in the solicitor's hands from now. Is this the norm?

This is all a bit out of kilter.

You should have your solicitor lined up - but the vendor's agent does not instruct your solicitor.

As for bank statements, mortgage offers and personal financial data, you should under no circumstances show this to an agent before an offer is accepted - because they do get tempted to gouge you for every penny. Even after your offer is accepted, it is best to show the evidence of your funds to your solicitor and have the solicitor confirm to the agent. Granted the agent needs to know you have funds, but once that is confirmed, they don't need to know details.

lee111s

The estate agent I'm buying through has also been calling my solicitor for updates and then relaying them to me!

RoxieW

Fair enough. new to this process so thought instructing solicitor's was something you did when the process is in motion. In fact, we had our offer accepted over a week ago but the EA asked us on the vendors instruction to hold off instructing sols/surveys for a week while they 'got their head around it'. They also kept us on during the offering process (taking up to 4 days to respond to an offer) so I do feel that it's abit rich that I have the EA chasing me now.

Mrs_Z

Hmm. I'm with you Roxie W - I've bought 2 properties and on both occasions did not have a solicitor lined up. Once our offer was accepted, only then did I start looking for a solicitor. On the last purchase, I think I e-mailed about 5-6 for a quote and only 1 responded within a day and given the reasonable charges they got the job. The first time I went with a recommendation from the Estate Agent - a large firm but would not do it again. I prefer giving the business for a small local firm that's been well established.

moneyistooshorttomention

Fair 'nuff then.

I would feel a bit nervous about vendors taking time to "get their head round it" and delaying me on the other hand by not letting me get on with it instructing solicitor and arranging survey.

I would want to do a little bit of any checking up I could to ensure that the vendor really DOES mean to sell the house, having fallen victim to a vendor that "didnt really mean it" before myself. So - it might be that the "getting head round" comment has rubbed on a sore spot that I have myself from that ******* that wouldnt proceed with selling his house to me some while back - but if you can find a way to get some proof that the vendor really means it, then it would be just as well to do so.

I know it's a given that I do wonder what a lot of vendors are playing at as regards not doing what I regard as obvious things to sell their house - like having a "for sale" sign outside (having noticed that two houses near me that I know are still for sale seem to have "mislaid" the for sale sign that they had there initially). That seemed a trifle careless to me to not have that obvious signal up for any potential buyers cruising the area hopefully.

vectistim

Estate agents' job after offer accepted:
Check funding, check the chain from bottom to top, get solicitors' details from both sides, send out sales memo to both sets of solicitors, buyers and sellers, check up on solicitors' progress, check up on mortgage progress, calm the nerves of both sides, explain the silly phrases in the valuation report (eg: flat roof extension - limited lifetime, prone to sudden failure, etc), deal with any post-valuation renegotiation, check progress up and down the chain, get completion dates being discussed up and down the chain.
Assuming that all happens, sit there on completion day holding the keys dealing with an irate buyer who wants the keys, but they can't be released until the seller's solicitors confirm funds have been received, which invariably happens at 1.05pm but the solicitors have gone for lunch at 1pm, won't get back until 2pm, and won't get round to checking the bank until 2.30pm.