Estate agent shenanigans

fmoney

Hi,

Put in a offer on a house but the Estate Agent wouldn't put it forward unless they saw my AIP or I talked to their Mortgage Advisor. I said I wouldn't provide it or speak to their Mortgage Advisor.

I quoted 7c from their estate agent code of practice

By law you must not discriminate, or threaten to discriminate, against a prospective
buyer of the seller’s property because that person declines to accept that you will
(directly or indirectly) provide related services to them. Discrimination includes but is
not limited to the following:
● Failing to tell the seller of an offer to buy the property.
● Telling the seller of an offer less quickly than other offers you have received.
● Misrepresenting the nature of the offer or that of rival offers.
● Giving details of properties for sale first to those who have indicated they are
prepared to let you provide services to them.
● Making it a condition that the person wanting to buy the property must use any other
service provided by you or anyone else.

They quoted 8a

At the time that an offer has been made and is being considered by the seller, you must
take reasonable steps to find out from the prospective buyer the source and availability
of his funds for buying the property and pass this information to the seller. Such
information will include whether the prospective buyer needs to sell a property, requires
a mortgage, claims to be a cash buyer (*) or any combination of these. Such relevant
information that is available should be included in the Memorandum of Sale having regard
to the provisions of the Data Protection Act.

Who is right?

One hour later they phone me back to say they have put the offer forward, but said to vendor they haven't been able to "validate my finances" (which is true) and that the vendor had rejected it. But they are quite "arsey" now on the phone. Not really sure if they have put the offer forward. My offer is 9% off the asking so I didn't think it would be accepted. Should I check with the vendor that the offer was made. If I do that will the Estate Agent black list me? They hate if you go direct.

LisaLou1982

If someone spoke to you in the same way that you dealt with them, would you like it?

pawsies

Why not just say I am a cash buyer/have mortgage in principle or whatever like everyone else does?

Why are you trying to hide your funding status?
They have to know this information eventually!

fmoney

I just don't see why they have a right to know my financial position in depth just to put your offer forward. It weakens your hand. I did say if my offer was accepted I would let them see my AIP.

Another Estate Agent put my offer forward on another house with no prerequisites and even sent me a letter to confirm I had made an offer. (Didn't get it)

Why don't all estate agents do this?

Yorkie1

They have made reasonable efforts - they asked you, and you are in a position to provide the information outlined in the CoP i.e. whether you're in a chain, whether you have a deposit and a mortgage offer lined up elsewhere.

The law (7c) is not over-ridden by a CoP (8a).

You could get your mortgage adviser to write to them saying that you have an AIP valid for the amount of your offer. That would constitute sufficient evidence - and would flush them out if all they wanted was for you to reveal all your finances in advance.

ognum

fmoney wrote: »

I just don't see why they have a right to know my financial position in depth just to put your offer forward. It weakens your hand. I did say if my offer was accepted I would let them see my AIP.

Another Estate Agent put my offer forward on another house with no prerequisites and even sent me a letter to confirm I had made an offer. (Didn't get it)

Why don't all estate agents do this?

I have found dealing with EAs much easier if I am friendly and respectful (even if I don't feel like being) its life, we all like to be treated well.

I actually have no problem with showing my hand and to be honest if I was selling I would not entertain a buyer who was so reluctant, I would start of feeling this was going to be a tough time.

It's your choice of course.

fmoney

But I was willing to reveal my hand if my offer was accepted (i.e. let them see my AIP)?
At then end of the day this is a negotiation. If you tell how much deposit you have then they can work out your income. Then what negotiating position do you have? Effectively, you might as well just say always pay the asking price!

Doozergirl

fmoney wrote: »

But I was willing to reveal my hand if my offer was accepted (i.e. let them see my AIP)?
At then end of the day this is a negotiation. If you tell how much deposit you have then they can work out your income. Then what negotiating position do you have? Effectively, you might as well just say always pay the asking price!

I don't agree. If you have millions in the bank, you should still only offer on a property what you think it is worth. If I were ever questioned by an EA on that point, I would very happily tell them that my offer reflects what I feel the value is, not what the bank will lend me.

I agree with others that it's always better to be nice. As a vendor, I would really want to be able to qualify someone before I accepted an offer. It is possible that my price would soften to a really organised sounding buyer with their finances arranged - who was also open and friendly!!

ognum

fmoney wrote: »

But I was willing to reveal my hand if my offer was accepted (i.e. let them see my AIP)?
At then end of the day this is a negotiation. If you tell how much deposit you have then they can work out your income. Then what negotiating position do you have? Effectively, you might as well just say always pay the asking price![/

Your right it's a negotiation and the first rule of a good negotiator is to get the other party on your side. negotiation is defined as discussion aiming at agreement! Your discussion seems to have done nothing but put peoples backs up,

Just because revealing your deposit shows how much you can spend that doesn't apply to all of us. the EA doesn't know your position by your deposit.

Try a more gentle approach.

fmoney

So the advice is I should have complied with the Estate Agents request and sent them the AIP?

Or I shouldn't have quoted the CoP at them when they refused to put my offer forward?

ognum

fmoney wrote: »

So the advice is I should have complied with the Estate Agents request and sent them the AIP?

Or I shouldn't have quoted the CoP at them when they refused to put my offer forward?

IMO quoting rules and regulations at people doesn't bring the best out of them