BigHandsOliverKahn Posted June 4, 2009 Share Posted June 4, 2009 I contacted Bridgfords to ask to see a house but their estate agent would only set up an appointment if I would show him a mortgage in principle. I didn't want to do that as it would show him all my cards from a financial point of view. Is this common practice nowadays? I have viewed houses in the past and never been asked such a thing. Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted June 4, 2009 Share Posted June 4, 2009 I contacted Bridgfords to ask to see a house but their estate agent would only set up an appointment if I would show him a mortgage in principle. I didn't want to do that as it would show him all my cards from a financial point of view. Is this common practice nowadays? I have viewed houses in the past and never been asked such a thing. Used to be common practice. I had to provide mortgage in principle evidence in 1991. I think it's a reasonable question, if only to weed out the time wasters. EAs (and everyone buying and selling) want proceedable chains. Perhaps EAs are finding too many naive FTBers actually can't get a mortgage! Quote Link to comment Share on other sites More sharing options...
anteros Posted June 4, 2009 Share Posted June 4, 2009 I contacted Bridgfords to ask to see a house but their estate agent would only set up an appointment if I would show him a mortgage in principle. I didn't want to do that as it would show him all my cards from a financial point of view. Is this common practice nowadays? I have viewed houses in the past and never been asked such a thing. I'll be honest I haven't looked at houses for at least 2 years now, but back then I was asked the question but I never produced it. I understand that quite a few are expecting this, but tell them to eff off, if thats what they want then they don't get the sale simples Quote Link to comment Share on other sites More sharing options...
Jie Bie Posted June 4, 2009 Share Posted June 4, 2009 Am I right in assuming you should never tell an EA the size of the mortgage you have been offered? Also, what do people on here reply if asked when being shown round somewhere? Obviously when I am ready to buy I want to keep my cards close to my chest, but I wouldn't want to be downright rude. Quote Link to comment Share on other sites More sharing options...
Alfie Moon Posted June 4, 2009 Share Posted June 4, 2009 If the EA won't set up the viewing for you then you should contact the vendor directly and tell them about the situation - the EA's attitude problem - and ask the vendor if they want you to view the property or not. I have done this in the past and the vendors, surprise, surprise were extremely keen for me to view their property despite me not providing a mortgage in principle. I viewed the property, didn't like it. The vendor dropped the EA as they were appalled at the idea of anyone being turned away from their property - in fact they were, with good justification, livid with the EA. There are far more 'time waster EA's' than there are time waster potential buyers. Quote Link to comment Share on other sites More sharing options...
grizzly bear Posted June 4, 2009 Share Posted June 4, 2009 Am I right in assuming you should never tell an EA the size of the mortgage you have been offered?Also, what do people on here reply if asked when being shown round somewhere? Obviously when I am ready to buy I want to keep my cards close to my chest, but I wouldn't want to be downright rude. i think its ok to be asked - if you want to keep cards close to chest get a letter from your lawyers saying that you have finance in place. Quote Link to comment Share on other sites More sharing options...
Alfie Moon Posted June 4, 2009 Share Posted June 4, 2009 Am I right in assuming you should never tell an EA the size of the mortgage you have been offered?Also, what do people on here reply if asked when being shown round somewhere? Obviously when I am ready to buy I want to keep my cards close to my chest, but I wouldn't want to be downright rude. Yes, you are right - never, ever tell an EA what your financial position is other than that you are able to afford the property that you want to view. If you make an offer and it is accepted then you can tell the EA and vendor that your solicitor will provide them with a letter confirming that you have sufficient funds to purchase the property at the level of the accepted offer - there should not be any details of the amount of money, funds, savings, deposit, etc. that you have. All the EA and vendor need is to have confirmed that you can proceed with the purchase at the agreed price. If EA's get any whiff of an idea as to your financial position they will lie, bully, etc. to sqeeze more and more money out of you - don't stand for any of this nonsense, you really don't have to. Quote Link to comment Share on other sites More sharing options...
Jason Posted June 4, 2009 Share Posted June 4, 2009 Why would you show a mortgage in principle before making an offer? I've always stated I can produce that within an hour of my offer being accepted. I also explained that I understand they won't put it as SSTC until they've 'validated' me. If you show them that you can afford up to, x amount, why would they accept any less? Quote Link to comment Share on other sites More sharing options...
Godley Posted June 4, 2009 Share Posted June 4, 2009 Yes, you are right - never, ever tell an EA what your financial position is other than that you are able to afford the property that you want to view. If you make an offer and it is accepted then you can tell the EA and vendor that your solicitor will provide them with a letter confirming that you have sufficient funds to purchase the property at the level of the accepted offer - there should not be any details of the amount of money, funds, savings, deposit, etc. that you have. All the EA and vendor need is to have confirmed that you can proceed with the purchase at the agreed price. If EA's get any whiff of an idea as to your financial position they will lie, bully, etc. to sqeeze more and more money out of you - don't stand for any of this nonsense, you really don't have to. Very good advice. Never tell an EA anything, for proof of funds a solicitors letter does the trick. Quote Link to comment Share on other sites More sharing options...
Fishman Posted June 4, 2009 Share Posted June 4, 2009 Am I right in assuming you should never tell an EA the size of the mortgage you have been offered?Also, what do people on here reply if asked when being shown round somewhere? Obviously when I am ready to buy I want to keep my cards close to my chest, but I wouldn't want to be downright rude. Yes, it's akin to leaving a note on your front door to a would-be burglar listing the valuables in your house. Quote Link to comment Share on other sites More sharing options...
Rachman Posted June 4, 2009 Share Posted June 4, 2009 I contacted Bridgfords to ask to see a house but their estate agent would only set up an appointment if I would show him a mortgage in principle. I didn't want to do that as it would show him all my cards from a financial point of view. Is this common practice nowadays? I have viewed houses in the past and never been asked such a thing. Speak to the organ grinder at the agent, not the monkey. You will easily get to view it when he sees you're not a timewaster. Quote Link to comment Share on other sites More sharing options...
Sybil13 Posted June 4, 2009 Share Posted June 4, 2009 Used to be common practice. I had to provide mortgage in principle evidence in 1991.I think it's a reasonable question, if only to weed out the time wasters. EAs (and everyone buying and selling) want proceedable chains. Perhaps EAs are finding too many naive FTBers actually can't get a mortgage! This is the point Bloo Loo makes when she says: " We live in a land of broken chains", and I assume why people have said they need to do stats on broken chains. I track (not with Property Bee not got my own PC currently), 50 + properties in Dorset £200000 to £250000 range, I have been watching these for months ....and months.....and ....... A few have gone "under offer" but then weeks later go back on. Some have gone STC , then gone back on the market, I have not seen ONE property saying SOLD, and I can't have chosen the only 50 properties in Dorset that have not sold. Nationwide said that it was only the cash rich that were buying, but that clearly is not going to be sustainable. Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted June 4, 2009 Share Posted June 4, 2009 Am I right in assuming you should never tell an EA the size of the mortgage you have been offered?Also, what do people on here reply if asked when being shown round somewhere? Obviously when I am ready to buy I want to keep my cards close to my chest, but I wouldn't want to be downright rude. They are estate agents. You are meant to be rude to them. Think of them as a sub human life form like the rest of the populace does and it will be much easier. Why would you show a mortgage in principle before making an offer? I've always stated I can produce that within an hour of my offer being accepted. I also explained that I understand they won't put it as SSTC until they've 'validated' me.If you show them that you can afford up to, x amount, why would they accept any less? This is of course the more sensible answer. Quote Link to comment Share on other sites More sharing options...
ManorHouseOwner Posted June 4, 2009 Share Posted June 4, 2009 might even be the vendor insisting, if they have had a few Sold subject to contracts hit the wall at mortgage approval stage. Quote Link to comment Share on other sites More sharing options...
BecksMyCat Posted June 4, 2009 Share Posted June 4, 2009 We viewed loads of properties at the end of last year and the start of 2009 and were never asked. We were not first time buyers though. Some of the agents we dealt with were terrible. Quote Link to comment Share on other sites More sharing options...
Alfie Moon Posted June 4, 2009 Share Posted June 4, 2009 (edited) might even be the vendor insisting, if they have had a few Sold subject to contracts hit the wall at mortgage approval stage. If it is they will change their mind very rapidly if you stick to your guns and say politely - s0dd off, you will receive a letter confirming that I can afford to proceed with the purchase once you have accepted my offer, if indeed I make one but before that I will need to view your property. It will depend on how daft the vendor is - you really have to be exceptionally daft to not let someone view your property when you are trying to sell it. Of course you might tell the vendor and EA that you will not view or make an offer until you have seen financial evidence that reveals the lowest possible offer the vendor could possibly accept - you know, so that potential buyers can sort out who the 'time waster' vendors are. Edited June 4, 2009 by Alfie Moon Quote Link to comment Share on other sites More sharing options...
heresjohnny Posted June 4, 2009 Share Posted June 4, 2009 Yes, you are right - never, ever tell an EA what your financial position is other than that you are able to afford the property that you want to view. If you make an offer and it is accepted then you can tell the EA and vendor that your solicitor will provide them with a letter confirming that you have sufficient funds to purchase the property at the level of the accepted offer - there should not be any details of the amount of money, funds, savings, deposit, etc. that you have. All the EA and vendor need is to have confirmed that you can proceed with the purchase at the agreed price. If EA's get any whiff of an idea as to your financial position they will lie, bully, etc. to sqeeze more and more money out of you - don't stand for any of this nonsense, you really don't have to. I agree 100%. We've moved up to the W. Mids from London - if the estate agents of suburban Brum knew what our STR stash was we'd never get anywhere. We've looked at a few houses lately. We went for a second viewing of a house at the weekend and the estate agent phoned me today and said that the vendor "was in discussions" with a potential buyer about a price. I said somehting along the lines of "err, err, thats nice for them" and the agent said "well, sometimes people get angry if they find out an offer has been accepted and we don't tell them". I pointed out that it didnt sound like an offer had been accepted. She replied "but it might be". I honestly don't know what she was expecting me to say - i'll beat their offer maybe??? My experience of agents at the moment is they are incredibly twitchy. Quote Link to comment Share on other sites More sharing options...
BecksMyCat Posted June 4, 2009 Share Posted June 4, 2009 Of course you might tell the vendor and EA that you will not view or make an offer until you have seen financial evidence that reveals the lowest possible offer the vendor could possibly accept - you know, so that potential buyers can sort out who the 'time waster' vendors are. I like it!! Quote Link to comment Share on other sites More sharing options...
ginnie Posted June 4, 2009 Share Posted June 4, 2009 I had a problem a couple of weeks ago with a branch of Taylors in the Gloucester area. Wanted details of a property and rang up for them. The idiot on the other end of the phone insisted on registering me and when I said I would not require a mortgage told me that I would have to produce evidence of my ability to fund any purchase. She also said a solicitor's letter would not suffice!! When I told her I would not produce this evidence to her she slammed the phone down!! I was so incensed that I rang her area manager to complain - for God's sake all I wanted was a set of instructions sent through the post!! :angry: Quote Link to comment Share on other sites More sharing options...
JonoP Posted June 4, 2009 Share Posted June 4, 2009 I had a problem a couple of weeks ago with a branch of Taylors in the Gloucester area. Wanted details of a property and rang up for them. The idiot on the other end of the phone insisted on registering me and when I said I would not require a mortgage told me that I would have to produce evidence of my ability to fund any purchase. She also said a solicitor's letter would not suffice!!When I told her I would not produce this evidence to her she slammed the phone down!! I was so incensed that I rang her area manager to complain - for God's sake all I wanted was a set of instructions sent through the post!! :angry: That is bad. What did the area manager say? Quote Link to comment Share on other sites More sharing options...
Gideon Gono Posted June 4, 2009 Share Posted June 4, 2009 I contacted Bridgfords to ask to see a house but their estate agent would only set up an appointment if I would show him a mortgage in principle. I didn't want to do that as it would show him all my cards from a financial point of view. Is this common practice nowadays? I have viewed houses in the past and never been asked such a thing. I wondered how far away this was. Good on the EA's. Vendors were sick of EA's bringing 60, 70, 80 people through a place and no bid. In fact the buyer had no money! Wasting everyones time. I compare this to going for a job interview. The employee wants a salary, the employer is willing to pay "x". When I go to an interview I know what the salary and benifits are before hand so no one is wasting thier time. Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted June 4, 2009 Share Posted June 4, 2009 I wondered how far away this was. Good on the EA's. Vendors were sick of EA's bringing 60, 70, 80 people through a place and no bid. In fact the buyer had no money! Wasting everyones time.I compare this to going for a job interview. The employee wants a salary, the employer is willing to pay "x". When I go to an interview I know what the salary and benifits are before hand so no one is wasting thier time. Yeah and then the vendor complains becuase the EA isnt getting them any viewers. The way I see it if I look round the house and make an offer lower than they will accept at least they have the option to say no. If the EA demands proof of funding (which I will refuse to provide) then the vendor gets no offers. I don't see how that helps them. I used to work in sales, I know exactly why they want to know my maximum funds, its so they can play hard ball later knowing that if they push hard enough I might fold. Well they can get stuffed. Quote Link to comment Share on other sites More sharing options...
ginnie Posted June 4, 2009 Share Posted June 4, 2009 He apologised fulsomely- said Taylor's did have a registration procedure and that their employees tried to "probe gently to find out what buyers were looking for and what their financial situation was" but that this idiot had obviously not dealt with this sensitively (my words not his) but I presume you get the drift. I had complained to the area manager as the manager was off sick. He assured me that he would speak to the individual concerned and he or the manager would get back to me - needless to say I have not heard anything - not too worried though as he did make all the right apologetic noises. Quote Link to comment Share on other sites More sharing options...
Gideon Gono Posted June 4, 2009 Share Posted June 4, 2009 Yeah and then the vendor complains becuase the EA isnt getting them any viewers. The way I see it if I look round the house and make an offer lower than they will accept at least they have the option to say no. If the EA demands proof of funding (which I will refuse to provide) then the vendor gets no offers. I don't see how that helps them.I used to work in sales, I know exactly why they want to know my maximum funds, its so they can play hard ball later knowing that if they push hard enough I might fold. Well they can get stuffed. With an ever decreasing amount of decent stock on the market good luck finding something! Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted June 4, 2009 Share Posted June 4, 2009 With an ever decreasing amount of decent stock on the market good luck finding something! Thats just not my experience at all. Everything I have looked at (£200-£280 Surrey) has either had according to the vendors "very few viewers" or "Very low offers". I'm not desperate to buy but if the right house came up at the right price then I am in a position to move quickly. The dam will burst eventually, there is only so long the market can be bent out of shape by massive intervention. Quote Link to comment Share on other sites More sharing options...
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