Ea's Keep Telling Me I Must See Their Mortgage Advisor

[carmel20]

Everytime I call estate agents to arrange house viewings they are telling me I have to see their mortgage advisor. Even when they don't have any properties in my price range they still try and insist I see their mortgage advisor.

I saw one house I liked that did not sell at auction which is still open for bids for another week but if no price agreed will go back on the open market, I told the EA I don't want to buy via the auction house as I'll be obliged to buy even if my mortgage falls through but will make an offer if it comes back on the market. The told me I had to see their mortgage advisor because I am NOT allowed to make an offer on a property until I've seen her!!!! I told them I have my mortgage agreement in principle and am confident it is the best I'll get as I work for a mortgage company and get a hefty discount with no fee, but they said I still need to see the mortgage adviser before they'll accept any offers from me.

It's really angering and worrying me, I feel like I am not going to be able to get a property anywhere now because I don't want to use their mortgage services :-(

[monty1080]

one word, Ombudsman !

[Maursh]

What if you are a cash buyer?

[pyracantha]

Everytime I call estate agents to arrange house viewings they are telling me I have to see their mortgage advisor. Even when they don't have any properties in my price range they still try and insist I see their mortgage advisor.

I saw one house I liked that did not sell at auction which is still open for bids for another week but if no price agreed will go back on the open market, I told the EA I don't want to buy via the auction house as I'll be obliged to buy even if my mortgage falls through but will make an offer if it comes back on the market. The told me I had to see their mortgage advisor because I am NOT allowed to make an offer on a property until I've seen her!!!! I told them I have my mortgage agreement in principle and am confident it is the best I'll get as I work for a mortgage company and get a hefty discount with no fee, but they said I still need to see the mortgage adviser before they'll accept any offers from me.

It's really angering and worrying me, I feel like I am not going to be able to get a property anywhere now because I don't want to use their mortgage services :-(

You are not obliged to see the EA MA. Is this one to refer to the FSA?

Find out who the owner is and go to them directly. Tell them what the EA is up to.

Alternatively go see the MA and don't sign anything. You will then have satisfied this ridiculous demand and can put in your offer.

[Sibley's Love Child]

Send those slimy feckers this link; the 'Avoiding Bias' section will be of particular interest:

http://www.oft.gov.uk/advice_and_resources...tiations#named1

I can't believe - even on the cusp of their extinction - that these duplicitious little feckers are still trying these shenanigans...

[Sibley's Love Child]

You are not obliged to see the EA MA. Is this one to refer to the FSA?

Find out who the owner is and go to them directly. Tell them what the EA is up to.

Alternatively go see the MA and don't sign anything. You will then have satisfied this ridiculous demand and can put in your offer.

From a pragmatic point of view, I hear what you're saying; from a moral standpoint though...

[monty1080]

Contact this site, report the EA. It is as close to regulation as this lawless industry gets.

http://www.tpos.co.uk/

[carmel20]

Thanks for the advice/replies.

They booked me to see the mortgage adviser on Saturday and I have already told them that I will not be taking a mortgage with them. They said that's fine but that the mortgage adviser can help us with budgeting and working out moving costs (I mean WTF I am capable of managing that myself!!)... I actually told them I am a mortgage adviser myself (not strictly true but as I work for a mortgage company it's close!!) I told them it would be a big waste of time but they said it won't because 'you never know what she might come up with' and that I can't make an offer until she gives the go ahead that we're ready to go.

So I will see her on Saturday to humour them. If she wants to tell me the rates she has available for me to decline then fine, but only because there is a chance that they might have a house I want to make an offer on. It just makes me so angry that they are using these tactics and basically blackmailing me.

I am thinking on Saturday that I will ask the mortgage adviser and the agent directly why it is that SHE has to give us the go ahead to make an offer and why I have been told I have to use their mortgage services.

A girl who works with me has just left an estate agent to work for my company and she told me that if buyers did not use their mortgage services they would keep the property on the market, she said lots of people complained as it opened them up to gazumping, but that they were allowed to do it so if someone came along with a equal or higher offer who would use their mortgage services no matter how far along it'd gone then they'd screw over the original buyer who wasn't using their mortgage services. She said that there is no regulation stating they should not do this.

[monty1080]

A girl who works with me has just left an estate agent to work for my company and she told me that if buyers did not use their mortgage services they would keep the property on the market, she said lots of people complained as it opened them up to gazumping, but that they were allowed to do it so if someone came along with a equal or higher offer who would use their mortgage services no matter how far along it'd gone then they'd screw over the original buyer who wasn't using their mortgage services. She said that there is no regulation stating they should not do this.

Jeez, if this is true it is incredible. I thought I knew about all the disgusting tricks EAs play ,but this is a new one on me. I would honestly consult tpos on this, it sounds like it should be illegal. Words cannot express how much I despise this non profession.

[Sibley's Love Child]

Thanks for the advice/replies.

A girl who works with me has just left an estate agent to work for my company and she told me that if buyers did not use their mortgage services they would keep the property on the market, she said lots of people complained as it opened them up to gazumping, but that they were allowed to do it so if someone came along with a equal or higher offer who would use their mortgage services no matter how far along it'd gone then they'd screw over the original buyer who wasn't using their mortgage services. She said that there is no regulation stating they should not do this.

Nah, that can't be right?

That still constitutes bias does it not? As you say, humour them, but still...talk about leaving a bitter taste.

Where's Mildura when you need him?

[carmel20]

just to add I went to the tpos website (thanks for the link) and downloaded the sales code of practice and section 6c is relevant to this. I've pasted the relevant part below

Discrimination

6c) By law you must not discriminate, or threaten to discriminate, against a prospective buyer of the seller’s property because that person declines to accept that you will (directly or indirectly) provide services to them. Discrimination includes – but is not limited to – the following:

-making it a condition that the person wanting to buy the property must use any other service by you or anyone else

[monty1080]

just to add I went to the tpos website (thanks for the link) and downloaded the sales code of practice and section 6c is relevant to this. I've pasted the relevant part below

Discrimination

6c) By law you must not discriminate, or threaten to discriminate, against a prospective buyer of the seller’s property because that person declines to accept that you will (directly or indirectly) provide services to them. Discrimination includes – but is not limited to – the following:

-making it a condition that the person wanting to buy the property must use any other service by you or anyone else

I should print that out and give it to them when you go on Saturday. Then report the forked tongued barstewards. God I hate them. Are they a chain ? Or a single operator ?

[carmel20]

Miller countrywide are the ea who I have been dealing with who I note state on their website that they follow the estate agents code of conduct.... Connels estate agent are the ones who the girl at work have come from.

I just called and cancelled the appointment for Saturday. If I want to put in an offer I will and if they try and tell me I can't then I will just have to take it further. It's right that if people don't start standing up to these practices then they will keep on getting away with it.

[Confusion of VIs]

Miller countrywide are the ea who I have been dealing with who I note state on their website that they follow the estate agents code of conduct.... Connels estate agent are the ones who the girl at work have come from.

I just called and cancelled the appointment for Saturday. If I want to put in an offer I will and if they try and tell me I can't then I will just have to take it further. It's right that if people don't start standing up to these practices then they will keep on getting away with it.

Take a dictaphone and record the conversation you have with them, should be enough to get the EA fired if he tries to deny it.

[lastlaugh]

Ignore the agent. Don't go to see their mortgage advisor. They are trained sales people. They will extract your financial situation and use this to leverage a higher offer. Only way to win that game is not to play it.

Put an offer to the EA in writing. Demand they forward it and confirm it. Copy in the vendor. Details are on the HIP. Or pass on your offer through the auction house. If the auction is over you are not bound by normal auction rules.

Above all be assertive and use your initiative. There's no "law" that says you can only negotiate with an EA. EA's days are numbered anyway. Track down the buyer and negotiate direct! Good luck!

[Mildura]

Nah, that can't be right?

That still constitutes bias does it not? As you say, humour them, but still...talk about leaving a bitter taste.

Where's Mildura when you need him?

Hello!

[Mildura]

A girl who works with me has just left an estate agent to work for my company and she told me that if buyers did not use their mortgage services they would keep the property on the market, she said lots of people complained as it opened them up to gazumping, but that they were allowed to do it so if someone came along with a equal or higher offer who would use their mortgage services no matter how far along it'd gone then they'd screw over the original buyer who wasn't using their mortgage services. She said that there is no regulation stating they should not do this.

Blimey!

Of the top of my head I cannot think of any piece of legislation that makes such a practice illegal.

As a buyer I would refuse to purchase a property through an agency that adopted these tactics.

How a buyer can be expected to spend £000's on surveys/solicitors etc with the risk of it all being for nothing is beyond me. No wonder the industry has such a poor reputation.

Where possible try an speak to the vendor direct - do they know their EA is doing this?

[Mildura]

To add:

Any good EA should investigate to confirm that a buyer has the means to fund the purchase. There are are number of ways that would be acceptable to me: solicitors letter, bank statement, IFA/bank confirmation etter.

But to insist any purchase must use the EAs own mortgage broker is more than a little silly. I have no issue with them offering the service, but somebody who declines should be treated no differently.

[itsdave]

Where possible try an speak to the vendor direct - do they know their EA is doing this?

Good question. The vendor is likely clueless, and forking out 1.5% or so of the purchase price to these unprofessional scam merchants. If I were the vendor and found this out, I'd be livid.

Like others have said, if you want to put in an offer, it sounds like it's probably best do it in writing to the EA and copy in the vendor.

[BlueRat]

Put an offer to the EA in writing. Demand they forward it and confirm it. Copy in the vendor. Details are on the HIP.

Useful nugget, thanks. And they say HIPs are useless!

[N1AK]

I've noticed that EAs are keen to get us to see their 'independant' advisers, fortunately not resorting to anything as outright wrong as some of these tricks. I've tried to keep it polite in refusing, which fortunately isn't hard when we have already had genuinely independant mortgage advice we are happy with. I can't imagine why anyone would be happy to discuss their financial details in depth with a person working for a company that is paid to take as much money off you as possible!

[pablopatito]

So can someone explain what the rules are? I've been told I can't put an offer in unless I have been 'qualified' and to do that I have to take in my last three payslips, my passport or driving licence and a utility bill and show them to the EAs mortgage advisor. I don't really like showing people my payslips, but am told I have no choice. Is this correct? I appreciate the need to qualify a potential purchaser, but are there guidelines as to what this should entail?

Many thanks.

Edit: I see this is common practice at Connells

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6935216.ece

I suspect I'm better off at least meeting with the agent's mortgage advisor in order to ensure my offer is accepted, however dubious the ethics of it are.

Edited February 15, 2010 by pablopatito

[Mildura]

So can someone explain what the rules are? I've been told I can't put an offer in unless I have been 'qualified' and to do that I have to take in my last three payslips, my passport or driving licence and a utility bill and show them to the EAs mortgage advisor. I don't really like showing people my payslips, but am told I have no choice. Is this correct? I appreciate the need to qualify a potential purchaser, but are there guidelines as to what this should entail?

Many thanks.

Edit: I see this is common practice at Connells

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6935216.ece

I suspect I'm better off at least meeting with the agent's mortgage advisor in order to ensure my offer is accepted, however dubious the ethics of it are.

That may be their company policy, but there is nothing that they can do to stop you putting an offer in.

Asking for payslips? I've never heard such a thing - tell them to get lost!!

As I believe I have posted earlier in this thread, a good EA will make enquiries to confirm that any buyer has the means to proceed, but asking them to come in with payslips is going a bit far!!

[tiggerdoo&see]

pablopatito, I agree with the Pay slips issue, we've never in ten years of buying been asked for this from a EA...

[helenreed]

I was a cash buyer at the end of last year. One house I wanted to buy I had to prove to the agents I had the funds. OK, I get that. However my solictor writing to tell them was not enough although they initailly said that guarantee would do. Obviously I had to pay for that solictors letter. They then told me I had to take in a ATM receipt proving the money was in my account. I took that in. They then said they wanted to wait a week and then get me to get another ATM receipt to prove it was still there!? After pi55ing about doing this they then stated I had to see their mortgage advisor as well. When I said why the hell would I do that if I'm a cash buyer they replied that it was company policy. I told them they were talking complete rubbish.

I found another property within two days via another agent and bought that instead.

The original property is still for sale.