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

[porca misèria]

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.

Did you post your story to the vendor of the first place? Presumably they'd like to know their agent is letting them down. Maybe you could even become star witness in a professional negligence case that could put a rocket up the collective backsides of evil agents?

[Alfie Moon]

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.

Estate Agents must never make seeing their mortgage advisor, or indeed other services, or indeed the services of others, a condition of buyer proceeding with a purchase of a property. See their Code of Practice for Sales on the OEA website - to quote:

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:

• Failing to tell the seller of an offer to buy the property.

• Telling the seller of an offer less quickly than other offers you have received.

• Misrepresenting the nature of the offer or that of rival offers.

• Giving details of properties for sale first to those who have indicated they are prepared to let you provide services to

them.

• Making it a condition that the person wanting to buy the property must use any other service provided by you or

anyone else.

In terms of proving that you have funds to proceed with the purchase - it is normal that an EA would ask for proof after an offer has been accepted. The norm is then for the buyer to get their solicitor to provide a letter for the EA in which it is stated that the solicitor has seen proof that the buyer has sufficient funds to proceeed with the purchase of the property - the letter should not include any figures or details about your finances. EA's do not need anything other than this letter from your solicitor in terms of proving that you have sufficient funds for the purchase. Showing them your passport or driving license is normal so that they have proof of your identity.

The request to see your payslips is not normal and is not required - clearly if you did show them your payslips they would see how much you earn and could use this info to try and push you to increase your offer on the property.

A national survey published last year found that 99% of the general public don't trust Estate Agents and the Office of Fair Trading said its research found that Estate Agents routinely lie to their clients and potential buyers. Estate Agents have created their own dismal reputation for being liars, incompetent, of low intelligence and educational achievement and untrustworthy - then they moan pathetically when anyone says they are untrustworthy instead of doing something constructive to earn the trust and respect of the public.