Agent wants to " substantiate" our offer before he puts it to vendor?

HenBroon

Nonsense. We are told by the agent that this "substantiation" is a service they offer to their clients. The vendors could have had time wasters in the past and specifically asked the EA to vet these out. It may even be written into the contract for all we know. We have no idea whatsoever what the terms of business are between EA and vendor.

If I appoint an agent on my behalf (in any situtaion in life) it is for a reason and I would not appreciate third parties bypassing that agent.

DRP I can't tell ifyou are agreeing or disagreeing that we should put a note through the door!

fairy_lights

HenBroon wrote: »

Nonsense. We are told by the agent that this "substantiation" is a service they offer to their clients. The vendors could have had time wasters in the past and specifically asked the EA to vet these out. It may even be written into the contract for all we know. We have no idea whatsoever what the terms of business are between EA and vendor.

That may be true, but you've already shown them your AIP and that should be enough evidence to substantiate your offer. Asking you to get an AIP with a different, specific lender is not a usual request. And for all you know the vendor might not have asked them to carry out such rigorous checks - it could all be lies.
What do you have to lose by approaching the vendor directly? You're not getting anywhere by going through the agent so I don't see how it could make things any worse.

DaftyDuck

I've not had to produce any proof of funding for buying a property in the last few transactions I've been through. Strange. Certainly not my honest face, definitely not the expense of my car! However, I always have my solicitor in place before I even view (in case I find something I want badly, and want a.s.a.p.) ...

My solicitor is always completely aware of my full position financially and, on my instruction, would make my proceedability plain to vendor, estate agent, or both.

In your situation, I'd suggest you inform your solicitor, fully, of your financial position. Visit or write to the vendor, stating your offer, point out that their agent appears more interested in drumming up their own business interests than selling the vendor's house, that the vendor may check directly with your solicitor for your means to proceed, or may request the agent, or his own solicitor do the same.

If the agent has been as difficult to deal with for the vendor (which isn't that unlikely, especially since I suspect this is likely one of a couple of national chains ... and they tend to rile their sellers just as much once signed up! ), vendor may well be keen to {no doubt unsuccessfully} tell the agent to eff off.

DandelionPatrol

HenBroon wrote: »

We won't be putting our offer through the door as we don't want them to think we are desperate to buy as that in itself will prob push the price up. Also, if they are happy with what the agent is doing then we won't endear ourselves to them.

Just put yourselves in the position of vendor. Your agent, unknown to you is mucking a viewer around - moreover, one who wants to make an offer.

Would you push up the price to the viewer if you got a note through the door? Or would you be grateful to know that your agent was mucking someone around in your name?

If you would push the price up, then more fool you - the viewer is already desperate enough for your house to make an offer. If you would read super-desperation into the fact that they are trying to get past your obstructive agent, you are deluded.Going behind the back of an obstructive self interested agent is merely proportionate action for a deal worth the price of a house

[Deleted User]

Estate agents make work on behalf of the vednor, but they are (mostly) notorious sneaky sharks who don't have anyone's interests at heart but their own. Stop putting so much faith in them and trusting everything they tell you and go direct to the vendor, or if you're happy to risk losing your house then by all means wait.

ScorpiondeRooftrouser

HenBroon wrote: »

Nonsense. We are told by the agent that this "substantiation" is a service they offer to their clients. The vendors could have had time wasters in the past and specifically asked the EA to vet these out. It may even be written into the contract for all we know. We have no idea whatsoever what the terms of business are between EA and vendor.

If I appoint an agent on my behalf (in any situtaion in life) it is for a reason and I would not appreciate third parties bypassing that agent.

DRP I can't tell ifyou are agreeing or disagreeing that we should put a note through the door!

Carry on then. Jump through all the hoops their EA wants. Well done you. Have a biscuit.

marksoton

I'm confused, since when did brokers ( L & C in this case ) Provide an AIP. Surely only a lender can do this?!

OP, sounds to me like you need to be a bit more stern and proactive over all this or walk away. All this drama and you haven't even placed an offer on the Vendors table. Doesn't bode well for future proceedings IMO.

Surrey_EA

marksoton wrote: »

I'm confused, since when did brokers ( L & C in this case ) Provide an AIP. Surely only a lender can do this?!

That's what I was thinking too.

marksoton wrote: »

OP, sounds to me like you need to be a bit more stern and proactive over all this or walk away. All this drama and you haven't even placed an offer on the Vendors table. Doesn't bode well for future proceedings IMO.

Well, to be fair they have tried

HenBroon

Marksoton why did you feel the need to phrase your question in such a sarcastic way, suggesting we are idiots who don't understand what documentation we have?

We have a document entitled "Decison in principle" from L&C which states that, based on the information we gave them, they confirm that we could borrow x amount.

It was sent to us with a note saying



London & Country Decision in Principle: feel free to show this to estate agents looking to qualify your budget but we think it best to keep the numbers to yourselves for as long as possible.

marksoton

HenBroon wrote: »

Marksoton why did you feel the need to phrase your question in such a sarcastic way, suggesting we are idiots who don't understand what documentation we have?

We have a document entitled "Decison in principle" from L&C which states that, based on the information we gave them, they confirm that we could borrow x amount.

It was sent to us with a note saying



London & Country Decision in Principle: feel free to show this to estate agents looking to qualify your budget but we think it best to keep the numbers to yourselves for as long as possible.

There was no sarcasm intended whatsoever. L&C are a broker though, not a lender. Therefore as far as i am aware ( And i could be wrong hence the question mark ) that isn't a recognised DIP.

As L&C are never going to be in a position to lend you any money they surely can't give you a DIP to do so.

I'm sorry you read it as sarcasm, it genuinely wasn't.