Estate agents who insist you see their mortgage broker

Loopy28

I didn't think they existed any more?! Offers I have put in with local estate agents have been passed on and they haven't pushed when I have said I have my own mortgage arrangements and an AIP.

But today I viewed a house with a larger estate agent chain and was told my offer could not be accepted until I saw their mortgage broker. When I told them I had an agreement in place via another broker,they said I still needed to see their broker to have that agreement checked over. They then refused to pass on my offer to the vendor.

I did a brave thing and went and spoke to the vendor directly, they were livid!

I am no longer interested in viewing any properties with this particular EA and I am going to report them but just shocking that some firms still operate this way.

HAMISH_MCTAVISH

If this ever happens tell them to jog on and contact vendor directly.

Pixie5740

God loves a trier.

No wonder the vendor was livid, I would be too. That's outrageous that the EA won't pass on an offer made by someone who doesn't want to use the EA's broker. I hope the vendor kicks their !!!!!.

Loopy28

Definitely and it has lost that vendor a potential sale.

Maybe I am cutting off my nose to spite my face but no house is worth that much to me and I refuse to have any dealings with an EA who operate that way.

Interestingly, that particular agent don't seem to list as many properties as others and their houses don't sell as quickly as the other agents...now I know why!

ACG

http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20%28Effective%20from%201%20August%202011%29.PDF - section 7.

Estate agents can vet offers in any way they choose. But they should not be using that as a way to get more business. It is an abuse of their position and should be reported.

inatdeepend

I thought legally an EA had to put forward any offer to a vendor?

Mallotum_X

ACG wrote: »

http://www.tpos.co.uk/downloads/TPOE27-1%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents%20%28Effective%20from%201%20August%202011%29.PDF - section 7.

Estate agents can vet offers in any way they choose. But they should not be using that as a way to get more business. It is an abuse of their position and should be reported.

Almost right,

Agents can vet buys in any way the vendors choose.

Loopy28

When I looked for properties last time in 2009, all EAs seemed to be at it. This time it is just the one-part of the Sequence group and I have read others have had the same problems with this company.

Pete9501

They tried the same trick with us. Eventually the mortgage broker rang me so I explained we had Nationwide mortgage we would be porting across, only for her to tell me we couldn't. Put her straight back in her box and she eventually agreed that was fine. Good try.

Lily-Rose_3

I can only echo what the majority are saying here. We bought several properties throughout the 90s and 00s; and each time, the estate agent tried to get us to use their mortgage broker. We didn't, because we had always used our own bank for our mortgage.

I have to say that they didn't bully us or blackmail us to use them, but I have heard a few tales like the one in the OP.

They obviously get some cut or commission from it, but to bully someone into using them by saying you can't proceed with the sale, unless you use their mortgage broker, is well out of order.

ali_hire

It's not uncommon for agents to try and convince you to see their mortgage broker.

In a large corporate company the staff will be targeted on the number of FS (financial services) appointments they book and they will also be incentivised to do so.

There's nothing wrong with this. It's no different to a waitress recommending that a Diane sauce goes really well with the fillet steak you've just ordered, or the staff in WHSmith asking if I want any half price chocolate orange every time I buy a f*****g newspaper.

However, there is a vast difference between a genuine attempt to 'upsell' and insisting that you see their broker.

They are breaking the law by not putting your offer forward and I'd be inclined to formalise a complaint.

It's agents like this that give the industry a bad name.