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Estate agent difficulty
Comments
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Finchy2018 wrote: »They have an obligation to put forward any offer (unless instructed) but also have an obligation to make sure you can proceed (I could offer on a million pound property, I can't afford one)
Get your broker to speak to theirs or just speak to them on the phone or provide aip. There should be no fee for a conversation.
Strictly the EA has a legal obligation to establish you have the funds but you have no legal obligation to provide the infprmation (clearly not doing so might be a source of delay or reasn to refuse the offer.
Even if you refuse to provide the information legally the EA must pass on your offer.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Outrageous that they seem to want to force you to pay a fee to pass on your offer.
I always tell them: I have my own trusted mortgage broker/solicitor/etc, and that's never been a problem.0 -
This meeting has absolutely nothing to do with "vetting" whether the buyer has funds.
You don't get "vetted" at a meeting with a financial adviser. This is simply about the EA trying to get commission. The EA gets commission if you place a mortgage through them (whether you buy the property or not).
The EA is no doubt in breach of their code of conduct. Op it is up to you whether you play along or whether you just stick to the AiP as proof of funds.0 -
You would need to time it right but I would be very tempted to report them to whatever professional (hah!) body they are a member of, if any.
Other than that, all of the above especially the bit about notifying the vendor, who might be very grateful. I wonder how many other offers have failed to reach their ears besides yours.
EAs are parasites; do not allow them to pick your bones clean, OP.0 -
Before going to the meeting establish if there is a fee. Then just take your aip in, show the mortgage advisor. They will take a copy of it, and that's it. Not all EA are parasites, why would anyone use one if this where true?0
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merrydance wrote: »Before going to the meeting establish if there is a fee. Then just take your aip in, show the mortgage advisor. They will take a copy of it, and that's it. Not all EA are parasites, why would anyone use one if this where true?
Well, you would say that, since you apparently work for one, wouldn't you? #8
What is the alternative? Market your house yourself on FB? Only EAs have access to RM etc; the first places most people look when they are in the market for a house. Were there a viable choice, I doubt many people would use EAs; unfortunately there isn't, yet.0 -
We all have dealings with estate agents on a daily basis and a great number of brokers have seen their career involve some sort of estate agency work. Whether that be as part of a big corproate or as a self employed renting a desk in a local agency for referral business.. Its not fair to tar them all with the same brush. Ive worked with some good ones and some bad ones. Just like any industry
See if you can bypass the estate agency staff and speak to the mortgage advisor directly and you may get a better understanding of what is going on. Most I know of are happy to take some quick details about your circumstances then call your broker and discuss which lender and ltv etc. The broker is just trying to tick a box for the ea side. If you are interested to talk about other lenders then there is a chance they will talk about other options.
The EA obviously do this as they have targets and get commission. Taking them out the equation usually allows you to speak to a broker who is (hopefully) a bit more honest and professional. I certainly never made a conversation with a buyer seem like I was forcing business on them (or at least i hope i didnt).
From a EA based brokers point of view, the chance of winning business at this stage if they already have a broker is miniscule so they are unlikely to be forcing you to use them
An AIP is a pointless piece of paper that serves very little purpose beyond confirming you can pass a basic credit check. It doesnt check that you actually qualify based on criteria, it doesnt check you put the numbers in properly. All sorts of things could cause that AIP to be invalid.
When I worked in EA and I was asked to confirm an offer my thoughts were:
1. Have i seen them already? In which case you'd hope I would be able to confirm it
2. Who have they seen otherwise? If its a broker in town that I know and trust i'll give them a call and ask them to confirm they have seen deposit and what lender they are planning on going to. If its someone like L&C then I grew a bit fed up with their crappy AIP's and lack of clarity until an offer has been accepted so generally asked them to run through numbers on the phone or if they lived local to pop in for a coffee
3. Have they been direct to a bank? Concern with this one as fewer banks give AIP's and a lot of high street lenders no longer sit you with a qualified mortgage advisor, just meet with a customer advisor with access to a affordability calculator. In which case I might ask them to come in for 10 minutes to check their numbers add up
If someone refused to go through basic details then its up to the vendor how they want to proceed. Do they want to accept it. Do they want to accept it but leave property on the market until mortgage offer is out.
The vendor is in charge at the end of the day. If i worked in a place where people were not putting offers forward until they sat down for a full interview with me i would be very angry and disappointed. I worked in plenty offices and never saw this.
So in summary, try speak to the broker on the phone and ask what he/she needs to satisfy the offer qualification. If they get an idea that there isnt any business in it for them they'll probably offer you an easy route to satisfy the offer.0 -
As a seller, I would want my EA to check that you are proceedable. This includes MIP and Deposit check.0
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