Estate Agent - Requesting Documents

FTB_Doll

I showed my EA and they never even mentioned using there mortgage person not even sure they had one just wanted to see it to show that we were serious buyers. I have nothing to hide so why would I not show them x

Road_Hog

giraffe69 wrote: »

To provide the information wanted via the solicitor is one thing. To do it via the Estate Agent who may have an interest in directing you to services he can offer is another. I can understand why the seller wants to know that a buyer can proceed quickly but that is not really the point. Would you make an offer for a car and then show the salesman the bank account details the money is coming from?

I've got some bad news for you. I'm on my second agent selling a property. One was a national agent with a similar sounding name to Rightmove and the other a multi-branched London agent.

Both vet buyers, both wanted to know exactly how the buyer was going to finance the property, how much deposit they had and proof of this.

As I've previously said, the bigger the deposit, the more likely they are to proceed with it. Plus those that go with a valuation survey only, get fast tracked.

Now, you can knock me for telling you this, but I'm only telling you what the EA's told me. I didn't stipulate any of this, it is what has been fed back to me by the EA's. What's the point of going through the sale process, only to find that a buyer doesn't have the funds.

FireWyrm

Road_Hog wrote: »

I've got some bad news for you. I'm on my second agent selling a property. One was a national agent with a similar sounding name to Rightmove and the other a multi-branched London agent.

Both vet buyers, both wanted to know exactly how the buyer was going to finance the property, how much deposit they had and proof of this.

As I've previously said, the bigger the deposit, the more likely they are to proceed with it. Plus those that go with a valuation survey only, get fast tracked.

Now, you can knock me for telling you this, but I'm only telling you what the EA's told me. I didn't stipulate any of this, it is what has been fed back to me by the EA's. What's the point of going through the sale process, only to find that a buyer doesn't have the funds.

I would tell the EA who asked me for anything more than the MIP confirmation to go whistle and then I would walk away. It is none of their business. As for 'fast tracking' or not, I would go to the vendor and tell them how their EA is stopping potential sales before they get going through impertinent questions to potential buyers. There are plenty more properties out there and the market hasnt yet recovered sufficiently that vendors can be picky.

Road_Hog

FireWyrm wrote: »

I would tell the EA who asked me for anything more than the MIP confirmation to go whistle and then I would walk away. It is none of their business. As for 'fast tracking' or not, I would go to the vendor and tell them how their EA is stopping potential sales before they get going through impertinent questions to potential buyers. There are plenty more properties out there and the market hasnt yet recovered sufficiently that vendors can be picky.

I think by law they have to pass all offers on. But they can recommend which ones are likely to be the most successful.

If you contacted me, I'd tell you where to go. I instruct and pay the EA plus my solicitor to deal with the sale. I don't want people knocking on my door, just because the EA advised me on the pros and cons of each offer.

ValHaller

Road_Hog wrote: »

I think by law they have to pass all offers on. But they can recommend which ones are likely to be the most successful.

If you contacted me, I'd tell you where to go. I instruct and pay the EA plus my solicitor to deal with the sale. I don't want people knocking on my door, just because the EA advised me on the pros and cons of each offer.

You might well. But if anyone feels thwarted by the EA, then don't let Road_Hog deter you from a direct approach to the vendor. Some vendors may well be really grateful.

Obviously, Road_hog would not - and it seems to me that he is the kind of vendor behind whose back the Agent could get away with all sorts.

Road_Hog

ValHaller wrote: »

You might well. But if anyone feels thwarted by the EA, then don't let Road_Hog deter you from a direct approach to the vendor. Some vendors may well be really grateful.

Obviously, Road_hog would not - and it seems to me that he is the kind of vendor behind whose back the Agent could get away with all sorts.

Other people can do whatever they like, I'm not stopping them. I just said that I wouldn't like people knocking on my door.

The last thing I want is some buyer complaining to me that they think they put the best offer in and why haven't I accepted their offer. It would be academic for me anyway, because I don't live near any of my properties, accept of course for my home, and that isn't for sale.

Miss_Marple_2

The estate agent I just bought with also wanted to see proof of deposit to see that I was proceedable. I took a screen print of my online banking with the money in it and blacked out all the fields except the value, so not really sure what it gave them as I could easily have manipulated the values on it, I could also easily have spent it all in the time it took complete.

I was an FTB so wasn't sure what was the norm - I assumed that this was what was expected and I had the deposit in a bank account that was part of my online banking so it was easy so I didn't think too much about it

pops5588

OP you have nothing to prove to the EA, tell them to go take a long walk off a short pier. Our mortgage advisor had to beat the EA off with a bloomin' stick. 10 points for perseverance I guess...

DRP

Op there is not really any harm in showing a redacted photocopy of your bank statement.

You can then ask your solicitor or lender or broker to provide the evidence that you are good for the rest of the value of the house.

This will not give the ea any evidence of your potential lending power but will reassure the vendor of your % deposit.

Personally I think this is the sensible thing to do.

giraffe69

You can then ask your solicitor or lender or broker to provide the evidence that you are good for the rest of the value of the house.

That's a sensible way to proceed because it gives the seller the reassurance that he wants/needs and does not give the EA information which is not only none of his business but also information that the odd EA might just possibly misuse.

Both vet buyers, both wanted to know exactly how the buyer was going to finance the property, how much deposit they had and proof of this.

If they want to know this then see above.