£1000 buyers incentive available

betmunch

The conversation goes along these lines.

Buyer: I'd like to offer 205K for this house.
EA to Vendor: We have an offer of 204k on your house, should we accept.
Vendor: Yes that is ok for me.
EA to buyer: Your offer is accepted, would you like to qualify for the £1000 cashback?

If you accept the cashback, they then explain the house price will be reduced by £1000 as the lenders dont like cashback

If you dont they go back to the vendor saying how wonderful they are to get an extra grand out of the buyers for them.

At least thats how it worked in the miserable 6 months I had to work for these Cowboys!

Its so wrong on so many points it really shouldnt be allowed, but for some reason they are allowed to advertise it as a selling point!

Better_Days

When I had Connells round to value my house they offered to include this 'incentive' as part of the selling package. They said that the £1,000 would be funded by getting an extra £1,000 for the property from the buyer.

A gimmick, especially as round here Connells massively overvalue to get the business, and frequently end up having to reduce.

I did use the solicitor recommended by my EA. But the solicitor was local, and not more expensive than some of the quotes I had already had from other local solicitor. EA was a local independent, so the conveyancing wasn't farmed out to a 'conveyancing factory' miles away.

betmunch

Better_Days wrote: »

When I had Connells round to value my house they offered to include this 'incentive' as part of the selling package. They said that the £1,000 would be funded by getting an extra £1,000 for the property from the buyer.

A gimmick, especially as round here Connells massively overvalue to get the business, and frequently end up having to reduce.

As there is no set price for a house you cant say where the £1000 is coming from either the buyer or the seller, all that matters is theres a £1000 sloshing about that is difficult to account for which is dressed up as a reason to use their poor quality (in general) services!

Also, as they work for the seller shouldnt they be "getting an extra £1000" or more as a matter of course?

Also also, what happens if you want to port a mortgage thats not on their panel? or are a cashbuyer?

Arrrrgh, you have ruined my stress free Friday, I shouldnt have looked in the forums!!!

JimmyTheWig

betmunch wrote: »

Buyer: I'd like to offer 205K for this house.
EA to Vendor: We have an offer of 204k on your house, should we accept.

Ahh, I see.
Very clever.

Though gutting if the buyers weren't going to use the cashback services and the deal broke down because the seller's bottom line was £205k and they refused the £204k.


Sorry to have caused you stress, betmunch!

jackieb185

friends of ours used this service at the Scottish equivalent of this EA and they didn't actually get the £1000. They were told that the seller had actually wanted more money than they offered, so the EA had "used" the £1000 to make the offer acceptable, bit of a rip-off actually as this was all a done deal before they queried it so would risk losing the purchase if they pushed it. Also, the EA mortgage advisor took £349 for his work is securing them a mortgage, something they could have done through any other mortgage advisor for free. I would avoid if I were you. Jx

betmunch

JimmyTheWig wrote: »

Ahh, I see.
Very clever.

Though gutting if the buyers weren't going to use the cashback services and the deal broke down because the seller's bottom line was £205k and they refused the £204k.


Sorry to have caused you stress, betmunch!

Ahhhh, but that would never be uncovered now would it?

Also, if they had hit their target for cashback sales that month they could always use accurate figures and secure the sale.

I've calmed down a bit now, as I have had a couple of mortgage offers out early so am quite happy again ready for my weekend!