Won't Formally Accept Offer until we have seen Advisor

holly_hobby

Well TBH any buyer can pull out right up to exchange ... so don't really agree with their comments from my own experience of cash buyers.

Anyhoo, no chain and an AIP already in place is as good as any vendor could wish for, I'm sure it will be fine ...

Just hold your horses with the EA, you don't need to do anything (if you havent filled in any other mge apps, given any cheques etc), until the offer is accepted - then give him the elbow if you wish.

Hope this helps ... here when/if you need any more moral support or comment !

Let us know how you get on ...


Holly xx

shortchanged_2

I think this whole scenario begs the question, why are estate agents actually allowed to have in branch mortgage advisors?

There is a clear conflict of interests and it is just another example of how rigged the UK housing market can be.

It's in the same light as a car garage that can do an MOT and carry out the necessary :whistle: (cough... cough) repairs. The temptation must be far too great for many.

holly_hobby

Because essentailly we have an open market and trading laws ....

The advice is usually free (although generally limited to a panel in many situ's), although they will have access to intermediary exclusives from panel members, that the individual wouldn't have exposure to going direct, and is essentially marketed as an added value service by the EA, which is why the have them (along with the added business opportuities of course, which is why many mge lenders, and insurance companies, entered into the EA market).

I don't agree with the get rid of them stance, but I do agree that their recommendations should always be benchmarked on the open market, where possible

Hope this helps

Holly

shortchanged_2

holly_hobby wrote: »

Because essentailly we have an open market and trading laws ....

The advice is usually free (although generally limited to a panel in many situ's), although they will have access to intermediary exclusives from panel members, that the individual wouldn't have exposure to going direct, and is essentially marketed as an added value service by the EA, which is why the have them (along with the added business opportuities of course, which is why many mge lenders, and insurance companies, entered into the EA market).

I don't agree with the get rid of them stance, but I do agree that their recommendations should always be benchmarked on the open market, where possible

Hope this helps

Holly

So you don't think Holly that this sort of scenario is not really an open market scenario?

Pushing/coercing/forcing potential buyers to use in house mortgage advisors is actually anti competition and free market.

holly_hobby

Well they're not being forced as its not mandatory ... the consumer has a choice to use or not.

If however, they are being told it is mandatory to have their mortgage arranged by the adviser, thats a different thing all together.

I've already explained the qualifying process, why its there, who it serves, and why the MA usually undertakes this side of the offer.

But no, I still don't agree with you or believe that all EA MAs should be banished to the land that time forgot.

Holly

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shortchanged_2

holly_hobby wrote: »

Well they're not being forced as its not mandatory ... the consumer has a choice to use or not.

If however, they are being told it is mandatory to have their mortgage arranged by the adviser, thats a different thing all together.

I've already explained the qualifying process, why its there, who it serves, and why the MA usually undertakes this side of the offer.

But no, I still don't agree with you or believe that all EA MAs should be banished to the land that time forgot.

Holly

.

But isn't this what this thread is about? Being forced to see the EA's in house MA?

holly_hobby

Yes but essentially for qualification purposes only (ie meeting the contractual agreement for the Vendor )..... effecting a mortgage with them or using them to source one, as you suggested, isn't mandatory at all and never has been.

ValHaller

holly_hobby wrote: »

Well they're not being forced as its not mandatory ... the consumer has a choice to use or not.

If however, they are being told it is mandatory to have their mortgage arranged by the adviser, thats a different thing all together.

I've already explained the qualifying process, why its there, who it serves, and why the MA usually undertakes this side of the offer.

But no, I still don't agree with you or believe that all EA MAs should be banished to the land that time forgot.

Holly

.

Let me guess, you are based with an Agent. And I imagine you are behaving ethically

But you see, it is not an open market, Estate Agents are riven with conflict of interest on this. It is more profitable for them to have offers accepted from buyers who arrange their mortgages through themselves. At worst, this means that

• vendors do not see better offers from other buyers, which is bad for sellers of houses
• buyers offers do not get forwarded if they don't take their mortgage through the agent, which is bad for buyers of mortgage products and buyers of houses

Essentially, the illiquidity of houses as a market is being transferred onto the mortgage market.

You can't deny that is is going on at some level. OP says

Nelly321 wrote: »

He did tell us what the other offer was and what he thought would be accepted if we were to change...

I also got the opinion that if we chose the EA's MA to look after the mortgage that would put us in a better position for the Vendor...

shortchanged_2

holly_hobby wrote: »

Yes but for qualification purposes in meeting the contractual agreement for the Vendor ..... effecting a mortgage with them, as suggested, isn't mandatory.

Oh well, I suppose if the vendor has stipulated that is their wish then so be it.

However I wouldn't go anywhere near a sale with a barge pole if that was the vendors terms as a buyer. It's like showing the other players your hand in a game of poker.

holly_hobby

I would expect any expereinced vendor using an EA to request all offers are qualified before submission (although this is a basie role of the EA), ..... saves on timewasters and havnig to re-list if the offer Ifrom a financial perspective, can not be pursued though to completion.

Holly