Offer Accepted if buyer uses Estate Agent's mortgage Advisor

caprikid1

eddddy said:

NameUnavailable said:

Why doesn't she just speak to the mortgage broker - they may actually find her a much better deal! If they don't she can then say thanks but no thanks I want to stick with the deal I've got.

I guess there's also the consideration that you don't want your mortgage broker collaborating with the seller's estate agent.

• You may get info from your mortgage lender, or your mortgage broker which you don't want to share with the seller's estate agent (or you want to delay telling the seller's estate agent).  If they work for the same company (or have a close business relationship), there's a risk that they might pass information directly between each other.

• They might 'gang-up' against you. For example, the estate agent wants a quick easy sale. So your mortgage broker might push you hard, in order to help the estate agent achieve their selling targets.

To be honest in this market Agents are just keen to get the transactions through, using their own in house broker is more about the commission than insider knowledge. 

Me personally I would just agree to an appointment with their broker and take it from there. I would highly doubt information will be passed to the agent, thats just not the done thing these days.

MultiFuelBurner

Not everything is a conspiracy and perhaps this is the quickest way to qualify you as a real buyer that can afford the property even though you have an AIP.

It won't hurt to jump through a few hoops and you never know the broker just might find you a better deal.

eddddy

MultiFuelBurner said:

Not everything is a conspiracy and perhaps this is the quickest way to qualify you as a real buyer that can afford the property even though you have an AIP.

It won't hurt to jump through a few hoops and you never know the broker just might find you a better deal.

It's not a conspiracy, it's just how many businesses work.

The more you understand how business works, the better the decisions you can make.




For example, here's a legal firm's webpage that explains to estate agents how the legal firm and estate agent can collaborate 'behind the client's back' to make them both more money. (What I colloquially described as 'ganging up'.)

https://www.lifetimelegal.ltd/index.php/referral-types-and-definitions/

For example,

• The Legal Firm advises the Estate Agent on how to "Warm up the client" to make them more likely to buy their conveyancing services

• The Legal Firm asks the Estate agent to "Provide a note to us with the referral, tell us what the client is doing, why they are moving – anything that will help us build rapport quickly".

So, for example, it's helpful for the client

• to understand that the estate isn't simply providing helpful advice. Instead they are being "warmed up" by the estate agent, because the estate agent wants to make money from them.

• to understand that the legal firm might have a lot of information about them from the estate agent in advance - which is probably influencing what they do/don't say in their sales pitch

It's very likely that there is a similar relationship between some estate agents and mortgage brokers. 

But equally, there may be some Estate Agents who don't work like that.


I'm not saying "Don't talk to the mortgage broker", I'm simply saying "Be aware of what often happens behind the scenes" in these circumstances.

The first post by the OP suggests that this estate agent is operating near the 'edge of the law' - so it might be sensible to be extra cautious.

MultiFuelBurner

Again I was talking to the OP I haven't even read anything you have written eddddddddy.