Estate Agents wants to see documentation & mortgage agreement in principle...

poshrule_uk

Hi


Not sure if anyone can help


Estate Agents wants to see ID documentation & mortgage agreement in principle before putting an offer to the vendor.


I called the EA and they said we had to come in first and sign some paperwork, I challenged them strongly on this but they say they can put my offer to the vendor but their advice would be to reject the offer!!! (To me this is them putting barriers In the way as I understand they have to put any offers to the vendor within 2 working days and any company policy does not apply, also they don't need to see our agreement in principle until the offer is accepted!!!)


I do have an agreement in principle and I can prove everything else I need to with ID but this should be done after the offer is accepted as far as I'm concerned. I'm happy for the vendor to keep the property on the market until funds are proven as that is what I would do but I don't like being strong armed by someone who does not have my interests at heart!!!


Do I have grounds to report them to the ombudsman?

w00519772

I bought a house recently and had to do the same after the offer was accepted. The estate agent water to see me that week so I went in on the same day and proved my position. Maybe the vendor has had bad experiences with buyers and asked the estate agent to be cautious.


I guess they don't want people to take them for a ride. It is a reasonable request in my opinion. Just go in and prove your position. If you have nothing to hide then you will be fine.


if they have a finacial advisor then they may be able to help you find a better deal on your mortgage.

poshrule_uk

But why would you show them your financial position and weaken your bargaining position?


I can understand once the offer is accepted but to say they won't put your offer forward or advise the vendor that they should reject it is ridiculous!!!

Marktheshark

It is all about bullying you in to buying financial products from them.
take your offer and put it in writing and hand it to the seller, apologise for doing so but tell them their agents are refusing to put offers to the seller without having the cold hard sell of mortgage products and as you already have a mortgage ready to buy now, you would like to make an offer on the house.
Most sellers do not know that their agent is refusing to submit offerswithout hard selling other products to potential buyers.

poshrule_uk

I'm still incredibly annoyed and have put my offer to the estate agent, I have told them that if/when we reach an agreement I will bring over all the relevant proof. I want the property but I do not want to weaken my position!!!

w00519772

poshrule_uk wrote: »

I'm still incredibly annoyed and have put my offer to the estate agent, I have told them that if/when we reach an agreement I will bring over all the relevant proof. I want the property but I do not want to weaken my position!!!

that sounds reasonable to me. I agree that showing your cards early could weaken your position in the negotiation process. Bear in mind that the seller can pull out at any time up to exchange.

ACG

give them the agreement in principle but black out the figure?

I completely agree with you on this and estate agents are abusing their position. Its their job to ensure your good for the money but there is no reason it cant be done prior to an offer being agreed.

Send them an email asking why you have to provide an agreement in principle prior to agreeing a figure and why they would recommend the offer is declined when they are more than happy to show them evidence the minute an offer has been agreed.

Also knock on the vendors house and tell them about your offer and that you are coming directly as their agent is blackmailing you which you are not happy with so would prefer to deal direct with the vendor until an offer is agreed.

poshrule_uk

I have already been through this with them on more than one occasion and they won't change their tune. The EA even took offence when I said you work for them and not us and you want to get the best price for vendor (which I have no issue with)


EDIT: I Did think about blacking the figure out but I can't see that would make a difference because it could of been for any figure then!!!


I would complain to the next person up in the company but I'm sure they all sing from the same hymn sheet.


I do agree you do get time wasters who offer on property's they will never afford, but at the same time that does not mean you can't treat everyone like a criminal!!

Marktheshark

I know someone who was selling who bumped in to a twice viewer at the supermarket and asked why they never put an offer in.
The answer was same as this, they were furious and knew nothing of the agents trick and sacked them and sold privately to the people who wanted it but were refused the right to offer by the agent.

Thrugelmir

poshrule_uk wrote: »

But why would you show them your financial position and weaken your bargaining position?

What bargaining position? It's not the EA that's selling the property it's the vendor.

Paully232000

Thrugelmir wrote: »

What bargaining position? It's not the EA that's selling the property it's the vendor.

Does the other poster not mean; say i give my AIP to the EA with a figure of say 500K, and the house is on for 400K, and I offer £350K.

The EA could then say to the vendor not to accept the offer of 350K as they know that i can afford more.

Don't know if this would/could happen but that is what i got from the other post.