Won't Formally Accept Offer until we have seen Advisor

shortchanged_2

holly_hobby wrote: »

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

But surely evidence of an AIP should be sufficient without actually discussing finances with an in house advisor.

holly_hobby

ValHaller wrote: »

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

Sorry, completely wrong guess there (apart from the ethical bit ).

And the points you've raised, no one's saying they can't happen, but for the 2 national EAs I been involved in, so I speak from my own experiences, I haven't seen anything of that nature, including from an audting persepective for Halifax - or course this is from previous yrs, and not current reviews of any EAs .

If that is the case, the vendor/buyer reports to NAEA.

Holly

holly_hobby

shortchanged wrote: »

But surely evidence of an AIP should be sufficient without actually discussing finances with an in house advisor.

Yes exactly, and that takes us all the way back to #16, re qualifying procedures ..

holly_hobby wrote: »

What that essentially means is that they are checking the potential buyers position (ie do they have a house to sell etc), if its a cash pch, and if a mortgage is reqd if they have recd formal mge advice/AIP, so that they know they can actually proceed on the offered figure.

Now, if the OP already has a mortgage agreement in place, whilst the EA still has to verify all of the above, this can actually be done by the negotiator, they don't really need to see the Mortgage Adviser, and if they take the name of their own MA or a copy of their AIP, then job's a goodun.


Holly

Hope this helps
Holly

Nelly321

I only went for lunch.. just read all you posts!!!

From my meeting today, ultimately, he couldn't get me a better deal, therefore the only other way to keep me in house would be to try and sway me for other reasons... 1. it might be quicker 2. EA knows whats going on 3. Apparently he reckoned the vendor would be happier if it stayed in house because the EA would have more control.

I wasn't very impressed with these reasons because they should have no bearing on whether the offer is accepted. I think that's the question here!!

In order to get the offer accepted I should not need to express my specific mortgage route, surely! As long as I have shown that my finances are sound, then we should be good to go.

holly_hobby

Agreed, and what I have already stated(including the fact that you really didn't need to see the MA if you have an AIP).

But you do need to satisfy the EA (ie at negotiator level if not with the MA) on behalf of the Vendor, that your offer (if accepted) can be financially purused right through to completion. Given that there's an awful lot of dreamers out there, that go and view houses and make offers, just for something to do on a Saturday (kid you not !), I'm sure you'll also want the same service and firewall from your own EA (if you engage one), when you come to sell yourselves.

Good luck with the offer and house ...

Holly xx

witchy1066

I dealt with numerous EA's while house hunting and have to say not one of them coerced us into seeing their in-house MB, a few did suggest we had a chat with them , but the majority were happy when we told them we had a MB and were in a position to proceed,
not once did I have to prove our income or deposit ,they all took our word that we could afford the property we were viewing,

I really don't understand how a seller or EA can be sure the sale will go through in any case , anything can happen between offer and exchange and as far as I know an AIP is not a mortgage guarantee , nor is it certain a FTB will result in a quicker process,

OP tell them you have a MB (if you don't have a broker and are going direct give them your bank advisers name or any name, its really nothing to do with them ) and an AIP, you don't have to show them this and I personally would say don't, also tell them you are ready to move ASAP ,so could they please submit your offer as they are holding things up,

if they want to know your LTV (a question I was asked) tell them you will make that decision with your broker once your offer has been accepted.

ValHaller

holly_hobby wrote: »

Sorry, completely wrong guess there (apart from the ethical bit ).

And the points you've raised, no one's saying they can't happen, but for the 2 national EAs I been involved in, so I speak from my own experiences, I haven't seen anything of that nature, including from an audting persepective for Halifax - or course this is from previous yrs, and not current reviews of any EAs .

If that is the case, the vendor/buyer reports to NAEA.

Holly

Completely wrong? It looks like a 70% hit to me.

holly_hobby

Yes Val, you're completely wrong.

That'll be because although I was involved in sales & MA sign off 20 odd yrs ago, my later roles for Halifax EA were actually risk & compliance based (reviewing and investitation of branch practice etc) - so yes your assumption that I am currently an EA MA remains incorrect.

H

Nelly321

witchy1066 wrote: »

I dealt with numerous EA's while house hunting and have to say not one of them coerced us into seeing their in-house MB, a few did suggest we had a chat with them , but the majority were happy when we told them we had a MB and were in a position to proceed,
not once did I have to prove our income or deposit ,they all took our word that we could afford the property we were viewing,

I really don't understand how a seller or EA can be sure the sale will go through in any case , anything can happen between offer and exchange and as far as I know an AIP is not a mortgage guarantee , nor is it certain a FTB will result in a quicker process,

OP tell them you have a MB (if you don't have a broker and are going direct give them your bank advisers name or any name, its really nothing to do with them ) and an AIP, you don't have to show them this and I personally would say don't, also tell them you are ready to move ASAP ,so could they please submit your offer as they are holding things up,

if they want to know your LTV (a question I was asked) tell them you will make that decision with your broker once your offer has been accepted.

It depends on where you live and what EA's there are... I have been involved with 2 both what me to see there EA, the other wasn't bothered until an offer was accepted but we didnt get that one.

I just want our offer to be considered in a 'fair' manner

ValHaller

holly_hobby wrote: »

Yes Val, you're completely wrong.

If we were at the South Pole and someone asked me which way was North, you'd probably say I was 180 degrees out.