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Revised offer after EA gets proof of deposit

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  • kinger101
    kinger101 Posts: 6,282 Forumite
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    The EA is not allowed to insist you see anyone before passing on the offer. You should have stood your ground.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • SG27
    SG27 Posts: 2,773 Forumite
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    My estate agent for my sale was happy with an email from the buyers broker and so was I.
  • kinger101
    kinger101 Posts: 6,282 Forumite
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    Thrugelmir wrote: »
    EA's role is bring parties together and agree a price. That's all. The amount of additional commision they earn from obtaining a slightly higher price doesn't make messing around worth their time. Remember they don't get paid until the transaction completes either. They'd much prefer to close the deal and spend their time more productively.

    You need to weigh up what the property is worth to you. As values are subjective. Not a precise science.

    Some of them have plenty of time to mess around with at the moment. Very slow market. Best to look busier than the guy in the desk next to you.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    kinger101 wrote: »
    Some of them have plenty of time to mess around with at the moment. Very slow market. Best to look busier than the guy in the desk next to you.

    There's professional and unprofessional in every walk of life. Some people spend their working lives appearing to look busy ...........
  • luis1988
    luis1988 Posts: 117 Forumite
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    I thought most mortgage advisors take their fee from the mortgage lender, or have I just got lucky on both occasions? I would never entertain the idea of providing a fee upfront to a mortgage broker!
  • muz3562
    muz3562 Posts: 81 Forumite
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    I would personally be reluctant to start sharing financial details until I had agreed a price. And even then what do I want to sit around for an hour sharing financial details when I already have an AIP.
  • Bass_9
    Bass_9 Posts: 151 Forumite
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    gozaimasu wrote: »
    It concerns me that this kind of thing is breaching Data Protection. There is no way that an estate agent really needs to take a copy of these documents, they simply need to have sight of them to see that you can genuinely proceed.



    Once you get the house, give them a bad review on allagents.co.uk and of course you won't be using them to sell. They've lost a future customer, what a bunch of idiots.

    I have a feeling you could pretty much tell them to f off by quoting GDPR at them.
  • MataNui
    MataNui Posts: 1,075 Forumite
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    Thrugelmir wrote: »
    EA's role is bring parties together and agree a price. That's all. The amount of additional commision they earn from obtaining a slightly higher price doesn't make messing around worth their time. Remember they don't get paid until the transaction completes either. They'd much prefer to close the deal and spend their time more productively.

    You need to weigh up what the property is worth to you. As values are subjective. Not a precise science.


    Not entirely true. In fact not even remotely so. EAs stand to make significant sums from selling additional in-house services and commissions on referrals. The totals from getting a buyer to use their own mortgage/conveyancing can easily equal the commission from the sale.


    EAs play both ends and its no surprise than many (if not most) are happy to lie and mislead buyers. Its about a lot more to the EA than just the (obviously welcome) additional commission from the seller.
  • fportela
    fportela Posts: 6 Forumite
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    A lot of good replies so far, thanks a lot!


    We're still waiting to hear back from the EA but will definitely stand our ground. Hopefully this thread will be of help to someone coming across a similar situation!
  • steampowered
    steampowered Posts: 6,176 Forumite
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    edited 5 July 2018 at 11:04AM
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    The estate agent will get a substantial referral fee if you use their in-house broker or recommended solicitor. The referral fee is buried in the small print.

    When I bought I saw a £300 referral fee to the EA from their recommended solicitor in the small print. I imagine the referral fee paid by the bank to their in-house broker would be even more.

    Guess who ends up paying for that?

    If you use the EA's in-house broker or recommended solicitor you are just lining the EA's pockets.
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