Any way to filter out bad agents

propertyrental

Agents are in the business to make money.
They do this by earning commission, which they get when a property sells (Completes).
It costs them money to get to that point: their time, 'For Sale' board, ad on Rightmove etc, photographer etc etc

Why would they waste all that money trying to sell an unmortgageable property to a buyer who needs a mortgage? They would have to be incredibly stupid (OK- comments here please!) and would soon go out of business, so no need to block them!

F37A

I think the "hard to mortgage ones" need to be flagged at advert and failure to do so will also leads to bad rep. If alot of buyers get angry and fed up from being taken for a ride then agents will regret it. We will find a way collectively

jimbog

F37A said:

jimbog said:

F37A said:

Hi 

Some agents sellers are selling unmortgeable properties to people without notifying them at point of sale. This in turn is causing maximum misery to those that spend money / time / energy in buying a property and then having to pull out.

If it was up to me I'd block them and get everyone else to block them. What are the options here? or do we continue to suffer at the hands of these agents  sellers

Thanks

F37A said:

Basically if I can get some money taken off the price of the flat then I can buy as long as issues easy to remediate. And if I try to sell after then people will get lending initially (just as I did) and given that a proportion of people will not do own survey then i can sell the property easily without me having to do any works after my purchase. 

 why stop with the agents? 

The agent only is in charge of the advert / discussions on sale

No so. Particulars are signed off by the seller

propertyrental

F37A said:

I think the "hard to mortgage ones" need to be flagged at advert and failure to do so will also leads to bad rep. If alot of buyers get angry and fed up from being taken for a ride then agents will regret it. We will find a way collectively

You are becoming repetitive...

diystarter7

F37A said:

Hi 

Some agents are selling unmortgeable properties to people without notifying them at point of sale. This in turn is causing maximum misery to those that spend money / time / energy in buying a property and then having to pull out.

If it was up to me I'd block them and get everyone else to block them. What are the options here? or do we continue to suffer at the hands of these agents.

Thanks

Hi
The highlighted bit, not sure what you mean. I've never seen an ad buy an agent saing a tpropery is "unmorgatble"
They do however state at times "cash buyers only."

You also get an idea when they state  "non-standard construction"  -  " xx short lease remaining."

All of the above gives people, well most people a good idea if it can be mortgaged or not

then anything above shops etc has has less lenders willing to lend

Trsut me friend, I am no friend of EA's but I am fair, very fair so imo a balance was required  

Thanks

F37A

jimbog said:

F37A said:

jimbog said:

F37A said:

Hi 

Some agents sellers are selling unmortgeable properties to people without notifying them at point of sale. This in turn is causing maximum misery to those that spend money / time / energy in buying a property and then having to pull out.

If it was up to me I'd block them and get everyone else to block them. What are the options here? or do we continue to suffer at the hands of these agents  sellers

Thanks

F37A said:

Basically if I can get some money taken off the price of the flat then I can buy as long as issues easy to remediate. And if I try to sell after then people will get lending initially (just as I did) and given that a proportion of people will not do own survey then i can sell the property easily without me having to do any works after my purchase. 

 why stop with the agents? 

The agent only is in charge of the advert / discussions on sale

No so. Particulars are signed off by the seller

This is a point i will need to pick up with solicitor to confirm. So effectively what your saying is that the seller signed off non disclosure of info on  "difficult to mortgage" characteristic of property.

Still, good agents would price property correctly or not let seller sell a property that they know value is 40-70k less in value. Or have some rules around taking on such properties. 

eddddy

F37A said:

They should be flagging up difficult to mortgage ones as well in the advert. I wouldn't waste my time with one . There must be some regulations to ensure agents act ethically.

F37A said:

I think the "hard to mortgage ones" need to be flagged at advert and failure to do so will also leads to bad rep. If alot of buyers get angry and fed up from being taken for a ride then agents will regret it. We will find a way collectively

F37A said:

This is a point i will need to pick up with solicitor to confirm. So effectively what your saying is that the seller signed off non disclosure of info on  "difficult to mortgage" characteristic of property.

Still, good agents would price property correctly or not let seller sell a property that they know value is 40-70k less in value. Or have some rules around taking on such properties. 

You seem very confused about this whole area.

• 1. Estate Agents are regulated (See below for a list of some of the laws and regulations that apply to estate agents)

• 2. If an Estate Agent misleads a buyer (or lies to them) about mortgageability, the Estate Agent will be breaking the law. Report them to Trading Standards via the CAB. If enough people complain, Trading Standards might prosecute them.

• 3. If an Estate Agent misleads a buyer (or lies to them) about mortgageability, the buyer can complain to the Property Ombudsman (or PRS). If appropriate, the EA can be ordered to pay the buyer compensation.

• 4. Plus Estate Agents don't generally lie to buyers about mortgageability - because it would be a daft thing for an EA to do. It wastes the EA's time and money.

Some laws and regulations that apply to estate agents:

• Estate Agents Act 1979,
• the Consumers, Estate Agents and Redress Act 2007,
• Competition Act 1998,
• the Consumer Protection from Unfair Trading Regulations 2008 (CPRs),
• Business Protection from Misleading Marketing Regulations 2008 (BPRs),
• Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013,
• Consumer Rights Act 2015
• The Estate Agents (Undesirable Practices) Order 1991
• The Estate Agents (Provision of Information) Regulations 1991

• The Property Ombudsman's Code of Practice For Residential Estate Agents 

user1977

diystarter7 said:

F37A said:

Hi 

Some agents are selling unmortgeable properties to people without notifying them at point of sale. This in turn is causing maximum misery to those that spend money / time / energy in buying a property and then having to pull out.

If it was up to me I'd block them and get everyone else to block them. What are the options here? or do we continue to suffer at the hands of these agents.

Thanks

Hi
The highlighted bit, not sure what you mean. I've never seen an ad buy an agent saing a tpropery is "unmorgatble"
They do however state at times "cash buyers only."

"Cash buyers only" invariably means it isn't mortgageable.

Sometimes they do spell it out e.g. this one:

"The cottage has been stripped back to bare stone walls by the current owners and serves as a blank canvas. Due to this, the property is suited to cash buyers only, as obtaining a mortgage could be very difficult and highly unlikely."

mi-key

You do often see listings mentioning it if its of non standard construction