EA won't put my offer forwards ("Reckless offer")

newsgroupmonkey_

user1977 said:

newsgroupmonkey_ said:

In fact, BY LAW (and now let's start quoting law back at them)...

"By law estate agents have to pass on every offer they receive to the seller, however ridiculous. Some buyers try and unnerve sellers by putting in very low initial offer"

That's not a law you've quoted, is it?

Bear in mind it's entirely possible that their client has asked them not to trouble them with offers which don't meet certain criteria.

Apparently, it is...

https://www.gov.uk/buy-sell-your-home/estate-agents

Even worse, their wording says....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

Seems to me that they're encouraging gazumping.

Bunnymahoney

onylon said:

You could probably get an AIP in 15 mins from whichever bank your current account is with. Its a simple online form, there's no hard credit check or obligation to take your application any futher.

Not quite so straightforward as mortgaging BTL as a limited company with existing portfolio, so it does take a little more time. Anyway, we have the AIP now, and offer formally made so fingers crossed.

Interestingly when I called the EA to say I now had the AIP he had already called the seller to make the offer. Without seeing a thing. I suspect them pushing their own IFA was the real reason here! 

Thanks for your inputs. 

JuzaMum

This surprises me. I have viewed a number of properties this year without having to prove my financial situation. I made offers on two, one I was outbid and the other I am buying. It was only after my offer was accepted that I was asked to show that I could pay for it.

GDB2222

newsgroupmonkey_ said:

user1977 said:

newsgroupmonkey_ said:

In fact, BY LAW (and now let's start quoting law back at them)...

"By law estate agents have to pass on every offer they receive to the seller, however ridiculous. Some buyers try and unnerve sellers by putting in very low initial offer"

That's not a law you've quoted, is it?

Bear in mind it's entirely possible that their client has asked them not to trouble them with offers which don't meet certain criteria.

Apparently, it is...

https://www.gov.uk/buy-sell-your-home/estate-agents

Even worse, their wording says....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

Seems to me that they're encouraging gazumping.

I often find that the .gov.uk websites are somewhat inaccurate.

The seller can give instructions regarding offers to the estate agent. For example, the seller can say "Only pass on offers from buyers who are Manchester united fans." The estate agent may choose not to act for that seller (particularly if they are a City fan perhaps!), but the instructions are not unlawful, and the agent should abide by them.

More realistically, an instruction to the agent only to pass on offers from proceedable buyers is perfectly lawful. 

eddddy

Just to add a pit of perspective....  as others say, the seller could have instructed the EA not to pass on offers without seeing an AIP.

But that instruction could have been instigated by the EA - perhaps by saying something like this to a naive seller:

"Before passing on an offer, we like people to have meetings with our financial adviser to check their finances, AIP, proceedability etc. The meeting helps filter out timewasters, so we prefer not to submit offers from people until they've had this meeting. Is that OK with you?"


And the seller agrees, assuming that the EA is looking after their best interests. (When in reality, perhaps the EA's financial adviser just wants the meetings to try to sell mortgages to prospective buyers.)

getmore4less

GDB2222 said:

newsgroupmonkey_ said:

user1977 said:

newsgroupmonkey_ said:

In fact, BY LAW (and now let's start quoting law back at them)...

"By law estate agents have to pass on every offer they receive to the seller, however ridiculous. Some buyers try and unnerve sellers by putting in very low initial offer"

That's not a law you've quoted, is it?

Bear in mind it's entirely possible that their client has asked them not to trouble them with offers which don't meet certain criteria.

Apparently, it is...

https://www.gov.uk/buy-sell-your-home/estate-agents

Even worse, their wording says....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

Seems to me that they're encouraging gazumping.

I often find that the .gov.uk websites are somewhat inaccurate.

The seller can give instructions regarding offers to the estate agent. For example, the seller can say "Only pass on offers from buyers who are Manchester united fans." The estate agent may choose not to act for that seller (particularly if they are a City fan perhaps!), but the instructions are not unlawful, and the agent should abide by them.

More realistically, an instruction to the agent only to pass on offers from proceedable buyers is perfectly lawful. 

The problem(with .gov) is often there is a lot of simplification that does net always reflect all cases  and sometime just wrong.

AIUI this is the source for any dialog on buyer discrimination and passing on offers comes from. 

https://www.legislation.gov.uk/uksi/1991/1032/made





 

badger09

getmore4less said:

GDB2222 said:

newsgroupmonkey_ said:

user1977 said:

newsgroupmonkey_ said:

In fact, BY LAW (and now let's start quoting law back at them)...

"By law estate agents have to pass on every offer they receive to the seller, however ridiculous. Some buyers try and unnerve sellers by putting in very low initial offer"

That's not a law you've quoted, is it?

Bear in mind it's entirely possible that their client has asked them not to trouble them with offers which don't meet certain criteria.

Apparently, it is...

https://www.gov.uk/buy-sell-your-home/estate-agents

Even worse, their wording says....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

Seems to me that they're encouraging gazumping.

I often find that the .gov.uk websites are somewhat inaccurate.

The seller can give instructions regarding offers to the estate agent. For example, the seller can say "Only pass on offers from buyers who are Manchester united fans." The estate agent may choose not to act for that seller (particularly if they are a City fan perhaps!), but the instructions are not unlawful, and the agent should abide by them.

More realistically, an instruction to the agent only to pass on offers from proceedable buyers is perfectly lawful. 

The problem(with .gov) is often there is a lot of simplification that does net always reflect all cases  and sometime just wrong.

AIUI this is the source for any dialog on buyer discrimination and passing on offers comes from. 

https://www.legislation.gov.uk/uksi/1991/1032/made





 

I agree.

The gov.uk website isn't inaccurate as such, but is inevitably an oversimplification of what is often extremely complex legislation. Most people don't bother to check the underlying legislation because they don't need to, and wouldn't understand most of it if they did.

(I speak as a retired Snr Inspector of Taxes who sometimes struggles to understand tax law )

Marvel1

Ask them where it's stated on the government pages it is law for an AIP.