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Ea Tricks?

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I've got a question. I put an offer in for a house some days ago. It was not accepted right away, as the vendor was hoping to receive a better offer. Now, just a few days later, the EA called me and said the price was accepted, but there had been another offer for exactly the same price and the buyer would be in the same position as me. They must have realised that I'm not increasing my offer, so they didn't suggest this, but the agent was very pushy about marketing their own conveyancing company and their mortgage broker to me. He made it sound as if taking their services was a condition to get my offer accepted. Is something like this common practice? I hinted that there are more houses for me to view on the market, of course.

Are there any advantages for me as buyer to go with the EA's services or am I in general better off taking my own solicitor and bank? Does anyone have some insight into this? I don't trust EA's, so why should I go with their recommendations?

Thank you in advance.

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I've got a question. I put an offer in for a house some days ago. It was not accepted right away, as the vendor was hoping to receive a better offer. Now, just a few days later, the EA called me and said the price was accepted, but there had been another offer for exactly the same price and the buyer would be in the same position as me. They must have realised that I'm not increasing my offer, so they didn't suggest this, but the agent was very pushy about marketing their own conveyancing company and their mortgage broker to me. He made it sound as if taking their services was a condition to get my offer accepted. Is something like this common practice? I hinted that there are more houses for me to view on the market, of course.

Are there any advantages for me as buyer to go with the EA's services or am I in general better off taking my own solicitor and bank? Does anyone have some insight into this? I don't trust EA's, so why should I go with their recommendations?

Thank you in advance.

Not trusting EAs is a very sensible starting point. Using their IFA gets them a commission, but more importantly gives them access to your finances so they can try to push you to the top end of what you can 'afford'. It is common practice and should be banned in my opinion, but you are under no obligation to use their services. As for the 'other buyer', well it's odd how often these mystery buyers suddenly materialise at a crucial point in the negotiations. Plucking another offer out of a hat is the EA's way of taking advantage of your insecurity and it effectively forces you to bid against yourself. There is always the possibility that the offer is real, but that's what you have to judge. Remember, there's no rush here; if the other offer does turn out to be real, you can just up your offer. If it isn't then by stiing and letting them sweat, you get the house for the price you want. It's not as easy in reality and is looks in writing as emotions get involved, but good luck!

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I'm going to hazard a guess that the EA in question is part of the Countrywide group?

My advice would be to tell them that you're not interested in using their conveyancing and finance services and that you will be making your own arrangements. There could easily be another offer, but as another poster said that is for you to judge. It's amazing how many people take comfort in others wanting something they want, and when one party offers it's almost seen as a validation that the property is one worth having. Something like men becoming more attractive to other women as soon as they acquire a partner ;)

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In almost all cicumstances yes.

It would be a rare occurence where a broker at an EAs has access to better deals than you will be able to source elsewhere. You will also run the risk that your purchasing power will be divulged to the EA themselves, although I'm not of the belief that it is quite as prevalant as many on here are, but that is another matter.

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In almost all cicumstances yes.

It would be a rare occurence where a broker at an EAs has access to better deals than you will be able to source elsewhere. You will also run the risk that your purchasing power will be divulged to the EA themselves, although I'm not of the belief that it is quite as prevalant as many on here are, but that is another matter.

thx. And waht about moneysupermarket? Is it good place to look for an insight into mortgage market?

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Not a bad place to do a bit of research.

However, when things get serious my preference would be deal with a good truly independent broker, who may well be able to get access to deals not always obviously available. Will probably charge a fee, but if someone can save you a couple of hundred pounds a month, a £500-1000 fee won't take long to cover.

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I'm going to hazard a guess that the EA in question is part of the Countrywide group?

Thanks for all your answers. To answer Mildura's question, no the EA is not part of this Countrywide group. But still a chain, at least in my area...

Regarding the conveyancing, I'm wondering if a conveyor connected with an EA would be able to have a neutral approach. How independent are they really? Regarding the mortgage, I certainly trust my bank much more whose adviser takes their time to talk with me about their mortgage options in detail. And the savings through a broker don't seem to be worth taking the risk.

I tried not to get too attached to the property in case things wouldn't work out, although the property is lovely. So I'm prepared to walk away if someone plays tricks I don't agree with.

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How independent are they really?

Good question.

We do not have any of our own, but do know plenty of independent's and if we do refer them, we get a commission, but we never push the extra's. In reality we should, but we like to simply mention that we can provide them should they be required.

When I purchased my first property I was keen and just agreed to everything the EA said. I soon found out when it was too late that I could have saved a lot of money. I would advise using a couple of different independent financial advisors. They only earn money if they sell you a service, so why not have a couple of them work at finding you the best deals.

With regards to trusting EA's. We are not all the same, but many are chasing commissions especially in the large chains. These are hard sales people that will do what they can to earn as much as they can. Fair enough, don't trust them, but it's always a good idea to make the most of their time. Try to keep them onside and they will be of help to you somewhere down the line.

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Great question.

Estate Agents can be very tricky. If they've given you reason to distrust them in the past, I might question it.

EAs in general really need to be more transparent, and their customer service skills need to be improved!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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