Estate agency forcing me to see their broker

Gooner_1981

anselld wrote: »

Surely as an agent you take instructions from your client, the vendor.

By asking to see an AIP we are dotting all I's and Crossing all T's before a house is made under offer. Not doing this vital check is the reason so many vendors end up having to re-market because the buyer couldn't secure the funds. It may seem harsh to a buyer but in a sellers market, with typically several people wanting the same house it's important to make sure when we make a house u/o it's all been checked out first. Likewise if it's a cash puchaswe it's not uncommon to be asked for proof of funds, or for a solicitor to confirm you have cleared funds to the amount for the house.

Guest101

Gooner_1981 wrote: »

By asking to see an AIP we are dotting all I's and Crossing all T's before a house is made under offer. Not doing this vital check is the reason so many vendors end up having to re-market because the buyer couldn't secure the funds. It may seem harsh to a buyer but in a sellers market, with typically several people wanting the same house it's important to make sure when we make a house u/o it's all been checked out first. Likewise if it's a cash puchaswe it's not uncommon to be asked for proof of funds, or for a solicitor to confirm you have cleared funds to the amount for the house.

Mid January, unless ur in London, is clearly a buyers market...

anselld

Gooner_1981 wrote: »

By asking to see an AIP we are dotting all I's and Crossing all T's before a house is made under offer. Not doing this vital check is the reason so many vendors end up having to re-market because the buyer couldn't secure the funds. It may seem harsh to a buyer but in a sellers market, with typically several people wanting the same house it's important to make sure when we make a house u/o it's all been checked out first. Likewise if it's a cash puchaswe it's not uncommon to be asked for proof of funds, or for a solicitor to confirm you have cleared funds to the amount for the house.

It might be sensible, but the point I am making is that it is the vendors decision as to what level of offer qualification they want and when/if to take their property off the market.

Agents sometimes seem to forget who is in charge of this process!

Gooner_1981

Guest101 wrote: »

Mid January, unless ur in London, is clearly a buyers market...

Noted, I don't work in London, I work in Hampshire, which is very much still a sellers market. High level of buyers registering/ offering with not enough supply !

Gooner_1981

anselld wrote: »

It might be sensible, but the point I am making is that it is the vendors decision as to what level of offer qualification they want and when/if to take their property off the market.

Agents sometimes seem to forget who is in charge of this process!

You are right it is the vendors decision but clearly if you were a vendor you would want the agent to make sure the buyer in question had all the finances in place before removing the property from the open market. Thus minimising the chances of the sale falling through and having to re- market.

Guest101

Gooner_1981 wrote: »

Noted, I don't work in London, I work in Hampshire, which is very much still a sellers market. High level of buyers registering/ offering with not enough supply !

Seriously? Mid jan? People are strange down south ...

Gooner_1981

Guest101 wrote: »

Seriously? Mid jan? People are strange down south ...

I'm lucky to work for a very reputable family run business who have maintained top market share over the past two years. This year already I have been instructed on 12 new properties and currently have 7 sales arranged with over 10 offers currently pending. The South is clearly crazy. Maybe it's helps that it's allegedle the number one place to live in the uk for the 4th year running lol

Twiglet12

Gooner_1981 wrote: »

By asking to see an AIP we are dotting all I's and Crossing all T's before a house is made under offer. Not doing this vital check is the reason so many vendors end up having to re-market because the buyer couldn't secure the funds. It may seem harsh to a buyer but in a sellers market, with typically several people wanting the same house it's important to make sure when we make a house u/o it's all been checked out first. Likewise if it's a cash puchaswe it's not uncommon to be asked for proof of funds, or for a solicitor to confirm you have cleared funds to the amount for the house.

They aren't asking for the AIP, from what the OP has said that wouldn't be an issue. They're asking the OP to go through a full financial assessment with their own broker before they will allow the sale to go any further, which isn't acceptable. The estate agents in question are notorious for doing this.

bylromarha

Our EA tried this last year. I told him unless his broker could come up with a better deal than my fee free 1.49% +BoE rate tracker for life I didn't want to waste my time or his.

They didn't bother telling me I had to see the broker again. My solicitor confirmed my funds. I'm now sitting in the house they wanted to verify me for.

halfone

Ask them to put it in writing that they/the vendors require you to be verified by their broker. You may find they change their tune.