Revised offer after EA gets proof of deposit

YoungBlueEyes

We're in the middle of selling our house at the minute. A few weeks ago our EA rang to let us know of a really low offer and said "I know you'll refuse this but I have to tell you because I'm legally obliged to put all offers to you".

I'm a complete newbie at all this so I couldn't tell you if that's true or not, but if it is then the OP's (and some of the subsequent posters) EA's looks to be on rather shaky ground if you decided to pursue it....

theinbetweener007

William h brown are pure cowboys. They passed my data to third parties without my permission. They claimed it was in the contract and it was ‘automatic’ by head office. I said I was reporting them for data breach. They cut me a cheque after some squirming.

G_M

There are some misleading replies above.

1) EAs canNOT require you to see their mortgage broker. Which Ombudsman scheme do they belong to (there are 3):
* The Property Ombudsman
* Ombudsman Services Property
* Property Redress Scheme

TPO code of practice says:

9c By law you cannot make it a condition of passing on offers to
the seller that the buyer must use services offered by you or
another party. You must not discriminate, or threaten to
discriminate, against a buyer because that person declines to
accept that you will (directly or indirectly) provide related
services to them

.

2) The agent should request proof of funds. The EA can then reassure his client (the seller) that this buyer is good for the offer they have made.

However the estate agent himself can do this - not an affiliated mortgage broker. Proof of funds does not require disclosure of the buyer's full finances, simply that they have sufficient funds (either via a MIP &/or savings) to meet the amount of the offer they have made. A statement or letter from the buyer's own broker, or conveyancer, saying they have funds for £X00,000 (the amount of the offer), is sufficient.

3) I believe EAs do now have to verify ID. It seems crazy since both the buyer's and seller's conveyancers also do this. But I guess in today's world of scams it's no bad thing.

4) In this case, I would be pretty sure the mortgage broker told the EA how much the buyer could afford, and the EA either told the seller or simply claimed that the seller had upped their demand. EAs do have a duty to 'get the best price possible' for their client (seller), but not by circumventing the regulations!