Pressure from EA before first viewing

Cleverclogs

My husband & I are FTBs. We've seen 5 properties so far & another viewing this evening, but already we've had a call from the EA about tonight's viewing to say there's been huge interest in the property so we'll need to move quick if we want to make an offer, and they'll need to see our mortgage agreement in principle ASAP. Now I understand she may be telling the truth and wanting to ensure we are serious buyers, (which we are and we have an AIP to prove it!) but despite loving the pics on RM, I feel seriously pressurised before we've even had a first viewing!

We aren't buying in London/commuter belt so haven't really come across this with previous viewings. Is approaching potential buyers like this prior to first viewings standard EA practice? Also, I'm not sure how to deal with any EA tactics - so if we do like the property, how pressured should we feel to be making an offer close to the asking price (we can stretch to the full asking price but it is a stretch!)? Advice appreciated, thanks!

Dan-Dan

Take it at your own pace , EA just doing their job!

It`s your money (or the banks!) guard it safely

If you fall in love witht he place , post back for more advice from some of the really good people on here

richardvc

The only pressure you will feel is the pressure you will put on yourself. Go and see it and make a judgement from there.

She may well be telling the truth but if things aren't right then don't buy.

Generally in buying a house, the right one comes along and everything works out well and if it doesn't then it wasn't meant to be.

BTW, why haven't you liked any of the five that you've seen so far ?

Fire_Fox

Don't feel pressured at all just have your two viewings, try to seem cool calm and collected at each. If you wish to proceed make an offer you believe you can afford and is reasonable based on your research into land registry sold prices locally. The asking price is largely irrelevant, it is not necessarily realistic.

As FTBs with finances in place you are a desirable buyer but you are also fair game for unscrupulous estate agents to bully you into spending more than you want or making a rushed decision. Don't this is tens or hundreds of thousands of pounds, not a new dress.

If you do want to place an offer this can be done in writing to take the heat off, that also gives you the opportunity to ask any questions, state that the offer is subject to survey and contract, refer to or enclose your MIP.

There is also nothing wrong in firmly telling the agent you don't appreciate pressure tactics and you will be in contact in your own time. 'Broken record technique' works well with very pushy sales people - repeat, repeat, repeat whatever they say.

StuC75

probably just patter from the EA sensing a pair of FTB's.

Also consider that if there is other interest would you really want to be drawn into a bidding war as the estate agent looks to push up the price.. its also feasible for the EA to try and do this when you are the only interested party - so be carefull..

Be carefull what you reveal to the EA in terms of your AIP & price range..

princeofpounds

This is higher-pressure than normal yes.

Most vendors would not accept an offer without waiting for some feedback from a viewing that very evening. Even the most impatient offer normally allows 24 hrs to reply!

And the best thing to do with estate agent tactics is ignore them as best you can.

Cleverclogs

Thanks all. I think it is mainly the pressure we are putting on ourselves. And irritatingly, there aren't any equivalent houses in that road (or that have been sold in the last 5 years) so difficult to get much of an idea from Land Registry - although I think the initial asking price is fair for the area. I think we'll have to view and if it's meant to be ours, it will. If not, then ours is out there somewhere.

richardvc - Rejected for different reasons - 2 x c1990s Barratt-built and far too small for the money; 1 had terrible on-road parking with no way of putting in off-road drive; 1 had a bad layout that can't be changed even by knocking down walls; the last was a contender but just over our price range & already under offer.

Cleverclogs

Well the house was actually lovely & I don't think the EA was lying about the interest from others. It's very well priced due to quick sale needed (sellers have separated & need the equity released to move out).

I played it very cool. Even my husband was unsure whether I liked it or not! The difficult decision we have now is that due to the vast interest, they're operating a closed bidding system & all offers need to be in by Saturday when they will review & the winner takes all.

We also have to go through an 'offer check' with their mortgage advisor before our offer will even be looked at. Even despite the fact we have an AiP, a thorough credit & afffordability check with our bank, and I've made it clear we don't want their mortgage product (I used to be a mortgage advisor so I'm clear on this!). Apparently they like to do their own affordability check? Has anyone else had experience of EAs doing this?

grifferz

Cleverclogs wrote: »

I played it very cool. Even my husband was unsure whether I liked it or not! The difficult decision we have now is that due to the vast interest, they're operating a closed bidding system & all offers need to be in by Saturday when they will review & the winner takes all.

That sounds promising that they won't try to bid you all up against each other.

Cleverclogs wrote: »

We also have to go through an 'offer check' with their mortgage advisor before our offer will even be looked at. Even despite the fact we have an AiP, a thorough credit & afffordability check with our bank, and I've made it clear we don't want their mortgage product (I used to be a mortgage advisor so I'm clear on this!). Apparently they like to do their own affordability check? Has anyone else had experience of EAs doing this?

Numerous threads about this on the board. The same thing happened with us and the place we are currently trying to buy. The EA repeatedly said they would need to see our financials, and we repeatedly said they could speak to our mortgage broker. The EA even said, "without doing this we won't be able to tell the vendors that your offer has our blessing" !

Eventually we kind of decided that we would go in to their office if they kept on about it, but strangely they just stopped mentioning it and then our offer was accepted.

There is no reason why your AIP and the word of your solicitor that they've seen the fund for your deposit should not be good enough. But you can imagine why the EA is still so keen to get you in. Aside from the chance to sell you things and know your upper limits, it's probably a quicker and easier way for them to rule unsuitable buyers out and look good to their seller.

You'd have to take a judgement call on whether you feel the downsides of doing this are worth it. Like I say, we were really not keen, though we were wavering at the end. I'm sure there are plenty of people who would never agree to do this.

Fire_Fox

Cleverclogs wrote: »

Well the house was actually lovely & I don't think the EA was lying about the interest from others. It's very well priced due to quick sale needed (sellers have separated & need the equity released to move out).

I played it very cool. Even my husband was unsure whether I liked it or not! The difficult decision we have now is that due to the vast interest, they're operating a closed bidding system & all offers need to be in by Saturday when they will review & the winner takes all.

We also have to go through an 'offer check' with their mortgage advisor before our offer will even be looked at. Even despite the fact we have an AiP, a thorough credit & afffordability check with our bank, and I've made it clear we don't want their mortgage product (I used to be a mortgage advisor so I'm clear on this!). Apparently they like to do their own affordability check? Has anyone else had experience of EAs doing this?

So are you going to have a second viewing?

You do NOT have to see their mortgage advisor to get your offer looked at, estate agents have a legal responsibility to put ALL offers forward to the vendors. You probably will have to enclose your MIP since it's sealed bids, also gives you the chance to state your strong/ proceedable position as FTBs which is not where everyone will be. This is very attractive to sellers who want a quick sale.

Quite frankly if the agents are going to play silly beggars I'd be putting the offer to the vendors in a 'private and confidential' envelope.

getmore4less

Cleverclogs wrote: »

We also have to go through an 'offer check' with their mortgage advisor before our offer will even be looked at. Even despite the fact we have an AiP, a thorough credit & afffordability check with our bank, and I've made it clear we don't want their mortgage product (I used to be a mortgage advisor so I'm clear on this!). Apparently they like to do their own affordability check? Has anyone else had experience of EAs doing this?

THis just gives the EA your real upper limit. they will just say offer rejected till you go upto your limit


Unless looking at unique places something similar will come up soon enough.

What is it that makes this one so attractive over the others of the same type.