EA dodgy tactics

Surrey_EA

MK_ wrote: »

Max we are prepared to pay. We've got a decent deposit and banks will lend us up to the value of the house anyway. I just felt really uncomfortable about providing the EA with all that information. Surely they just need to know we are proceedable?

Based on what others have said, maybe the EA are just being a bit belt-and-braces...

Which is presumably why they are asking for an indication of your LTV% and AIP/DIP documents!

Just because a buyer says they are proceedable does not necessarily mean they are, and hence this EA is asking you to verify your position.

MK__2

Surrey_EA wrote: »

Which is presumably why they are asking for an indication of your LTV% and AIP/DIP documents!

Just because a buyer says they are proceedable does not necessarily mean they are, and hence this EA is asking you to verify your position.

OK fair enough, I hadn't looked at it from that view. Last time i bought a house I didnt have any of this - EA just wanted confirmation of my lender. Need to park my natural mistrust of people!?!

AdrianC

MK_ wrote: »

Max we are prepared to pay. We've got a decent deposit and banks will lend us up to the value of the house anyway.

So the EA knowing your max affordable won't make any difference, will it?

I just felt really uncomfortable about providing the EA with all that information. Surely they just need to know we are proceedable?

That's exactly what they need to know. They just want you to demonstrate it in writing, rather than just nod-and-smile.

cloo

I agree it's not dodgy... I've heard of this happening now, and I'm not that surprised as when we were looking we heard an awful lot about buyers being refused mortgages, or sufficient mortgages. We weren't asked to submit all our details and we were loaned less than the mortgage-in-principle number agreed on (though it was enough fortunately), so you can see how it happens.

Guest101

MK_ wrote: »

Thought I'd share a worrying experience with an EA recently - (you know, one of those branch-in-every-town ones)...

Tried to book a viewing with a house just entered the market - and was quizzed by EA about how much our LTV % was. Thought that was a bit odd, but managed to duck the question saying my partner deals with that stuff and was unavailable.
We viewed the house and liked it, but when we contacted the EA to submit the offer, they said they would need to see "full Agreement in Principle with a HARD credit check", and see proof of funds! :eek: Having a laugh?! This is BEFORE an offer was submitted or accepted.

Spoke to my solicitor who said we don't have to show them anything until an offer is accepted, so we haven't. Offer is still on the table, and they've said they are "waiting to see how the market responds". Their tactics have made us feel so uncomfortable we're thinking of just walking away.

No-one has done anything wrong here.


They're just trying to sell you their in house financial services

Surrey_EA

Guest101 wrote: »

They're just trying to sell you their in house financial services

Whilst that may possibly be the case, nowhere has the OP mentioned any in house financial services being offered.

Thrugelmir

MK_ wrote: »

That bit is fair enough, but by the fact that they haven't accepted or rejected the offer yet, my guess was the EA wanted to know our position so they could advise whether to hold out for more, or even use our offer to get more out of other clients if this is what they do as a matter of course.

No vendor is going to rush to make a decision. The EA simply acts on theirs clients instructions. If there are a number of other viewings already booked. The question really is how much are you prepared to offer for the property. Little point in speculating in your mind. This is business not a game.

AdrianC

Surrey_EA wrote: »

Whilst they may possibly be the case, nowhere has the OP mentioned any in house financial services being offered.

Don't let such details get in the way of a good conspiracy theory...

All we need now is for Crashy to turn up.

Guest101

Surrey_EA wrote: »

Whilst that may possibly be the case, nowhere has the OP mentioned any in house financial services being offered.

AdrianC wrote: »

Don't let such details get in the way of a good conspiracy theory...

All we need now is for Crashy to turn up.

Lets be fair, that's not been mentioned but that how they'll carry out their 'hard credit check'

Surrey_EA

Guest101 wrote: »

Lets be fair, that's not been mentioned but that how they'll carry out their 'hard credit check'

I read it slightly differently, that the EA wanted to see a AIP/DIP document that had been obtained as a result of carrying out a hard credit check. Not that the EA themselves wanted to carry out the hard credit check.