Why does the estate agent want to know my deposit %?

Riggster

They are trying to make you see their in-house mortgage advisor so that they'll get a few hundred quid kickback when you take a mortgage out through them.

tell them that you have at least a 40% mortgage, have an agreement in principle, and should you wish to make an offer on said house all parties can deal with your solicitor.

If the EA doesn't like it, put a note through the vendors door explaining your excellent position and your problems with the EA.

YOU ARE IN THE DRIVING SEAT, GENUINE OFFERS ARE RARE...

ValHaller

Keekles wrote: »

I am indeed on the MA side and have certainly done some research since registering here!

I can completely understand the perspective of avoiding EA-based MA's but don't necessarily agree with it (if I did, be a pretty pointless job to be in!), as in this situation - the EA has acted out-of-line but, imo, it's very much a training issue. Had the EA explained the benefits (as mentioned here, larger deposit, likely better position with regards to a mortgage etc.) in the first instance, I'm sure OP would've been more receptive into disclosing information instead of being forced into it.

In my experience, the better sales people are the more humain and generally a pleasure to deal with - which in turn is why they make more sales.



This shouldn't be the case but given the market at present (especially in SE London), I haven't seen a property sold under full asking price regardless. This may vary regionally but it's very much a seller's market given demand is so high with reasonably little supply.

It looks to me like you are blindsided by your role.

I don't see that in the final analysis that an EA MA can be anything but compromised. The EA should always act in the interest of the property selling client. Having an in house MA superficially seems to give the capability to point more customers at houses with mortgages sorted. But as seller, I worry that buyers who have got their mortgages elsewhere will be excluded in favour of a lower quality buyer who has a mortgage via the in house MA.

Where it all starts to go to pot is when the MA ceases to be a loss leader and becomes a profit centre. That is when targets are put on negotiators to send buyers to the in house MA and targets are put on to MAs to sell mortgages. At this point, the business will inevitably be acting at some point against the interests of their clients, the sellers, because they are focused on their reluctant clients, the buyers,

It is so hopelessly open to corruption that I believe strongly that EA's should be banned form selling ANY service whatsoever to buyers.

ayayay

An EA who refuses to put an offer to the vendor because you wont see the MA is in breach of the contract he has with the vendor. Write a letter directly to the vendor explaining what has happened and making a direct offer. Suggest that he tells the EA to whistle for his fee (for breaching the contract) and agree to split the fee he would have paid with the vendor.