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Estate Agent - Never heard of this before
Innocenti
Posts: 75 Forumite
My father in law works for an estate agents. He is semi-retired and only works 1 day a week showing people round rental properties.
Hubby and I are in the process of buying a house and on the estate agents books that father in law works for is a house that has been repossessed. It has been up for ages as they priced it for silly money.
Anyhow, father in law got the keys and we had a look round it. Basically the house just needs some TLC to bring it back up to spec. it does need new windows and a new bathroom suite and I think a new boiler but other than that it is all decorating work, new doors, in time a new kitchen etc. But you could actually move in to it as it is now and live in it whilst doing it up.
Anyway, father in law went to see his boss as the EA and got some inside knowledge for us, but his boss said something really weird. He said that if we were interested that we would have to hand over the deposit money and we would also have to prove that we had an additional £10,000 to do the house up with!!! WHAT??? Never heard of that before. Who insists that we need to show we have the money to do the house up with? Our mortgage company dont care, I cant see the mortgage company who repo'd the house caring as they will get their money when the house is sold. Has anybody else heard of that? And can an estate agent insist on this and refuse to sell the house to us if we dont have the additional £10,000 (we dont actually but the house doesnt need £10,000 spending on it, about £3000 max to make it liveable.)
Hubby and I are in the process of buying a house and on the estate agents books that father in law works for is a house that has been repossessed. It has been up for ages as they priced it for silly money.
Anyhow, father in law got the keys and we had a look round it. Basically the house just needs some TLC to bring it back up to spec. it does need new windows and a new bathroom suite and I think a new boiler but other than that it is all decorating work, new doors, in time a new kitchen etc. But you could actually move in to it as it is now and live in it whilst doing it up.
Anyway, father in law went to see his boss as the EA and got some inside knowledge for us, but his boss said something really weird. He said that if we were interested that we would have to hand over the deposit money and we would also have to prove that we had an additional £10,000 to do the house up with!!! WHAT??? Never heard of that before. Who insists that we need to show we have the money to do the house up with? Our mortgage company dont care, I cant see the mortgage company who repo'd the house caring as they will get their money when the house is sold. Has anybody else heard of that? And can an estate agent insist on this and refuse to sell the house to us if we dont have the additional £10,000 (we dont actually but the house doesnt need £10,000 spending on it, about £3000 max to make it liveable.)
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Comments
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Ea could be trying to put you off. Maybe he wants it when the price is low enough.This is an open forum, anyone can post and I just did !0
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He has his m8 the builder lined up who give him a finders fee..(this is how morally corrupt they are.and please don't tell me they don't do this)It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Do you have the 10k?
Why not call his bluff, then call the police- this is fraud, pure & simple and gives decent EAs a bad name.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Just don't get into the ins or outs of "do they have the right?". The Estate Agent doesn't, but the vendor can insist on the moon on a stick. As others are suggesting, Agent has got it lined up for his mate the builder or he is trying to get you to argue it doesn't need the money spending, so that you have less wriggle room on price.... Who insists that we need to show we have the money to do the house up with? Our mortgage company dont care, I cant see the mortgage company who repo'd the house caring as they will get their money when the house is sold. Has anybody else heard of that? And can an estate agent insist on this and refuse to sell the house to us if we dont have the additional £10,000 (we dont actually but the house doesnt need £10,000 spending on it, about £3000 max to make it liveable.)
If you want it, put in an offer, [subject to contract], in writing. Find out from the land registry who the owner is right away and if you suspect the agent is not putting your offer forward make contact directly, to let them know that the agent has had an offer.
Expect this course of action to sour the relationship between Father in Law and the manager.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
If your father in law works for this EA then this is even more awful.0
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Put in an offer 10k below asking price, hey presto you have the 10k.0
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I have just heard from F-i-l that an offer has been put in the house anyway. Wasnt 100% sure if it was the house for me, but I was just abit shocked as to having to prove we have £10000 to do it up.
We dont actually have the extra £10,000, we have about £4000. Hubby is a carpenter and brilliant at DIY, we would only need the professionals in to sort out the boiler and check the electrics. There is no way the house needs £10,000 spending on it, as I said before it is just cosmetic works and a fair amount of work in the garden.
Just never heard of this before and I cant work out who is insisting on this £10,000. The vendor is the mortgage company who repo'd the house. Why would they care?0 -
I bet the offer is frome the agents mate in the building or maybe btl game, if there are any left buying houses. Either way it was not right, shows what scum they really are. Hope he goes under soon.I came in to this world with nothing and I've still got most of it left. :rolleyes:0
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Why didn't your FIL ask his boss "who is requiring this sum and why"? The answer would be very interesting for all of us, I am sure.FREEDOM IS NOT FREE0
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