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Nosy estate agents?
Blahblahblah_2
Posts: 20 Forumite
Hey!
Just looking for a bit of advice. I'm a first time buyer and have just put my first offer in on a property I like. I was contacted by the estate agent today following the offer because they wanted to know who at my broker's office they could discuss my mortgage promise with to ensure I had adequate funds. I was a bit uncomfortable with this, especially as the offer hasn't been accepted or even really contemplated, and refused to tell them. Am I being awkward? Surely they would only need to know that sort of information if an offer was accepted and they were going to be proceeding with the sale?
Just looking for a bit of advice. I'm a first time buyer and have just put my first offer in on a property I like. I was contacted by the estate agent today following the offer because they wanted to know who at my broker's office they could discuss my mortgage promise with to ensure I had adequate funds. I was a bit uncomfortable with this, especially as the offer hasn't been accepted or even really contemplated, and refused to tell them. Am I being awkward? Surely they would only need to know that sort of information if an offer was accepted and they were going to be proceeding with the sale?
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Comments
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blahblahblah wrote: »Hey!
Just looking for a bit of advice. I'm a first time buyer and have just put my first offer in on a property I like. I was contacted by the estate agent today following the offer because they wanted to know who at my broker's office they could discuss my mortgage promise with to ensure I had adequate funds. I was a bit uncomfortable with this, especially as the offer hasn't been accepted or even really contemplated, and refused to tell them. Am I being awkward? Surely they would only need to know that sort of information if an offer was accepted and they were going to be proceeding with the sale?
When I made an offer I was asked my soliciters name and address as apparently they need to put it on some sort of offer form.0 -
I think EA's are under an obligation to ensure that the buyer is able to afford the property. You should not reveal the amount of your mortgage promise just that it is adequate for the offer you have made. If you tell them what you have been promised they know how much higher you could theoretically go.0
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I think they do this for two reasons:-
If you do not have a mortgage arranged they like to arrange one for you through their own mortgager advisors for which they would earn commission .
Also they like to make sure that you are a serious buyer and in a position to proceed, especially if there were a number of offers from different applicants.0 -
LandyAndy is right, see Part 7 of the Ombudsman for Estate Agents Code of Practice http://www.oea.co.uk/downloads/codeofpractice.pdf
I think my estate agent failed to do this (although they told me my buyers had a mortgage agreed in principle). As a result the sale fell through six weeks later. Then the same happened again with a different buyer.Next time I sell I will not accept an offer without proof of funds
Blahblahblah will need to provide proof of funds if he wants his offer to be considered seriously.0
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