Won't Formally Accept Offer until we have seen Advisor

holly_hobby

So you're accusing me of being a liar ?

Give me strength ......

H

kingstreet

The EA Act forces on agents the responsibility to ensure a potential purchaser has the wherewithal to proceed to unconditional exchange of contracts, which is, after all, the basis of the agent's contract with his vendor.

However, the Act is silent on how this is achieved. There are various methods, and I've made it clear previously in my three roles as an EA advisor, my method was a quick phone call, three or four questions and job done.

It would be interesting to take a poll of experiences, perhaps on HBR&S and asking the agent's qualification method, the type of agent (indy or national/chain) and location.

I suspect potential purchasers are getting "the treatment" from wannabe plcs, mostly in the SE.

It won't stop until Agents are as regulated as their advisors, IMHO.

Nelly321

and if its not hard enough already, how do you take the advice that you should increase your offer to X Amount because the other offer is Y?

kingstreet

Nelly321 wrote: »

and if its not hard enough already, how do you take the advice that you should increase your offer to X Amount because the other offer is Y?

You don't. At least not from an agent, who is the agent of the vendor and acting only in the vendor's interests.

Nelly321

Yeah I know I am being naive, but we are £5k below the asking price atm :cool:

ValHaller

holly_hobby wrote: »

So you're accusing me of being a liar ?

Give me strength ......

H

If that is the price of me not accepting that I am completely wrong, I am happy for you to pay it.

But I am only intent on maintaining the position that i am not completely wrong. You have indeed said 'for the 2 national EAs I been involved in' so there was a time when 'Let me guess, you are based with an Agent.' would have been entirely correct. The fact that you are not doing this right now makes my supposition technically wrong I suppose, but there is a core truth about your experience.

As for the little bit about the South Pole, well if you had a good general education you should know that at the South Pole every direction is North. I am amused at the indignation over apparently calling you a liar, when I very carefully did no such thing.

ValHaller

Nelly321 wrote: »

and if its not hard enough already, how do you take the advice that you should increase your offer to X Amount because the other offer is Y?

You treat it the same as the Agent saying "your offer of W is rejected, but the vendor would accept an offer of X"

Essentially the other offer is just pressure tactics with a slightly firmer edge than negotiations where you are the sole bidder. You should regardless decide your top offer for the house - the walk away price - and just bid up to that over several bids. And walk away if you can't get it for the walkaway price or less.

gazter

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

I never really have any problems with these added on services. I never use them because they rarely offer good value for money, but as with most upsells like this the margins are substantially better for the seller than the main product.

IE Pcworld makes far more money selling you the warranty than it does selling you the laptop. If nobody bought the warranty the costs of the goods would have to rise to maintain the profit levels.

hcb42

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

I have sold six houses and never stipulated this, all offers are welcome, of course whether I accept them would depend on their circs and whether they could proceed immediately, if I was the OP I would have refused to meet this advisor on principle, it is none of their business, especially as the OP had an AIP.

Nelly321

Thanks everyone.

hcb42, I know I probably should have said no but me and my partner really do like the house and I went to see him solely to prove that we were not time wasters. He could get a better deal anyway... not without a ridiculous product fee.

I am ringing back today to revise my offer and to request that the offer be communicated immediately and accepted if it is what they want...not going to let it drag on.