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

stator

It's reasonable to ask to see the AIP and possibly to show ID, although I wouldn't let them take a photocopy of my ID, that's none of their business, I'd just let them see it in person.
I would black out the offer amount if you think it's going to cause problems. They will probably accept it. It at least shows that you should be able to get a mortgage. If they complain you can show it to your solicitor and have them confirm the amount.

kingstreet

Ask your lender/broker for a DIP certificate which shows only the mortgage amount which, with your deposit added, comes to the amount you want to pay for the property.

The EA Act does confer responsibility on the agent to establish a potential purchaser does have the means, but it's silent on how best that be achieved.

When I was a EA advisor many years ago, it was a simple two minute phone call. Today, the corporates are heavily using this process as a means of coercing buyers to use their services.

CKhalvashi

kingstreet wrote: »

Ask your lender/broker for a DIP certificate which shows only the mortgage amount which, with your deposit added, comes to the amount you want to pay for the property.

The EA Act does confer responsibility on the agent to establish a potential purchaser does have the means, but it's silent on how best that be achieved.

In my case (before the offer was placed) was a letter from a solicitor stating that I could afford the amount I was offering on the property, with AIP details blanked out. I do realise this may not be cost-effective for most though (solicitor in my case was a family friend)

What Kingstreet said will work equally as well, however.

amnblog

The Estate Agent is acting in contravention of regulations put in place by the office of fair trading.

(OFT 1364)

One of the advantages of using a broker is that when faced with this nonsense we tend to tell the agent to grow up, or they can have the option to speak to the Ombudsman about it.

A direct approach to the vendor is a good idea. You can tell them that their agent is not putting forward a valid offer.

kingstreet

A threat to download the ownership details from the Land Registry and pen a note to the vendor explaining what the agent is upto will often focus their mind on their main raison d'etre, rather than their lucrative spin-off flogging mortgages and insurance.

Thrugelmir

Paully232000 wrote: »

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.

Again I repeat it's the vendor selling the property. Likewise a purchaser is only getting to offer what they are willing to pay. Unless both parties come to an agreeable amount the transaction won't happen. As far the EA is concerned they get paid nothing until there is agreement, and they continue to incur expense. So an extra £100 of commission is neither here nor there.

poshrule_uk

Many thanks for the replies.


Thrugelmir the EA are paid by the vendor for a completed transaction, if they achieve them a higher price, it surely increases their reputation and standing thus getting them more business? Yes the EA may not get any more commission but getting the top price for their client along with selling the property is their job!!!

poshrule_uk

At the end of the day to turn around and say to a potential buyer we won't put an offer forward without us coming into the office is wrong.


Then they say we can put your offer forward but we can not possibly recommend it!!!! To me that is the same thing as above and they are trying to bully you!!!


I said to the EA as soon as/if a price is agreed I'll bring everything in. No problem. They are to me breaking the law or at least on the edge of it.

bazzyb

ACG wrote: »

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.

I would do this. Or at least write them a note explaining the situation. If the EA is being difficult I wouldn't trust them to give the vendor the full picture and so would ensure I personally made the offer clear to them directly.

Going4TheDream

I thought the EA had to legally put your offer forward (unless the vendor has said to the EA not to bother them with offers below £xyz )

Put your offer in writing to the EA and send a cc copy to the vendor