Estate agent shenanigans

Gazzerb

I know where you are coming from, I had this issue with an agent when buying the current property. I didn't want to disclose my MIP as they would then know how much I was willing to offer. They also wanted proof of deposit - both before they would entertain an offer.

It didn't help in the end. I went up to 106k which was rejected and ended up getting it for 85k at auction

10101again

I've experienced a similar issue. The estate agent asked me for proof of deposit, bank statements, recent utility bill and ID and all before they would put my offer through to the seller. The funny thing is that this was my third offer. They didn't ask for this information for the previous two offers. Which makes me wonder whether they put them through at all. I haven't received any of my offers in writing yet.

Kirstyb1987

Perhaps your 9% off would have been accepted had you shown your financial status... Mine was 15% off, showed my AIP, accepted!

kingstreet

The 1979 EA Act requires agents to "qualify" any offer and gives them no instructions on how to achieve this; so we have a situation where documents are being requested which undermine the position of the potential purchaser.

As I've said in the past, when I did the EA advisor job, qualification was a quick two min phone call and about three questions. However, in the last fifteen years, the qualification has become a tool for leveraging mortgage business, rather than to satisfy the Act.

Something needs doing about it.

AdrianC

<ring, ring> "Hello, Mr Vendor? Yes, it's Dave from EA here. I've had an offer for your place, but it's ridiculously low, and the guy's an utter pain-in-the-backside who I _really_ don't think you want to deal with... OK, I'll tell him. Thanks - it's exactly what I'd do if I were you. Speak to you soon..."

Portrait of FMoney, the other day :-

LandyAndy

My bank just told me to refer estate agents to them and they would confirm that I had sufficient funds in place (deposit and MIP) to proceed at the amount I had offered. They would not reveal the amount of my deposit or MIP.

mgarl10024

kingstreet wrote: »

However, in the last fifteen years, the qualification has become a tool for leveraging mortgage business, rather than to satisfy the Act.

I recently bought a house through an aggressive Estate Agent, and where there were lots of bidders. I'd already spoke to a mortgage advisor and was good to go (although I don't think I had the mortgage in principle as the price was still being agreed).

The EA said that it would "significantly help my position" if I could have my finances "qualified", and that on site they had just such a broker [oh what luck!] and so I would need to speak with them. I explained that I already had my own broker, but once again was told about the "significant help to my position" speaking with their own broker would give.

It all smelt quite fishy. In the end, I remembered that the Estate Agent was the 'gate-keeper' of information and how their represented my to the vendor (i.e. 'this guy is great' or 'this guy is a PITA') could sway it for me.

So I put on my best smile and had the appointment with their broker.
- They got their commission
- I got my finances qualified
- I was positively represented to the vendor
- I got my offer accepted
- I got a list of unsuitable products which I promptly rejected (although you never know, she might have found something)

The morale here is that while the EA may be slimy, they are in a considerable position of power, so being nice and smiley can work in your favour.

dannim12345

My EA did put my offer forward but the wanted an MIP before it was accepted and they wanted me to see their mortgage adviser.

I had already seen a mortgage adviser but I didn't have a MIP (as there wasn't anything I was interested in at that point). I booked in an appointment to see the EA's mortgage adviser but it wasn't for almost a week (due to my hours) in that time I sorted it all with my mortgage adviser (I claimed he was a family friend too..).

The EA appointment was moved forward a little but I just spoke to them, they advised I got the same mortgage as my MA suggested but they wanted a £300 fee on top so I said unfortunately I have to stick with my original MA.