Jump to content
House Price Crash Forum
Sign in to follow this  
moonriver

Dispatches - The Property Market Undercover..

Recommended Posts

"As house prices soar once again, the Government has brought forward the launch date of its Help-to-Buy scheme by three months. In this programme, reporter Antony Barnett goes undercover to investigate the property market boom, secretly filming the latest tactics used by some estate agents to secure sales and commissions."

Read more at http://www.tvguide.co.uk/detail.asp?id=13215252#ceA5L5YMgCrjbclM.99

Sounds like it could be interesting.

Share this post


Link to post
Share on other sites

Unfortunately nothing will come of it. Eric Pebbles had that vid from 2003 with plenty of fraudulent stuff from mortgage brokers on it, encouraging people to take self cert and lie about their income...no spivs sent to prison for that. Given it was so widespread between 2003-6 IMO the majority of mortgage brokers from those years should be behind bars.

Share this post


Link to post
Share on other sites

Unfortunately nothing will come of it. Eric Pebbles had that vid from 2003 with plenty of fraudulent stuff from mortgage brokers on it, encouraging people to take self cert and lie about their income...no spivs sent to prison for that. Given it was so widespread between 2003-6 IMO the majority of mortgage brokers from those years should be behind bars.

you are probably right, nothing will come of it, but at least shows like this, remind the public of some of the tricks estate agents get up to.

Share this post


Link to post
Share on other sites

And with the estate agent encouraging a "bit of a fib" to get a BTL mortgage instead of an owner occupier mortgage, we see liar loans uncovered again. :rolleyes:

Mortgage fraud is a criminal offence they said, but how many people have been done for taking out these lair loans?

And how strange it is, that it's only when estate agent firms get caught out, that they say they it's only a rogue person. :rolleyes:

Share this post


Link to post
Share on other sites

My daughter bought her first house 2 yrs ago. She was 'strongly advised' it use the in house mortgage advisor, and did have an interview with him. He came up with what looked like a good deal, for a certain fee. She went home and found exactly the same deal on the internet for £300 less. So she went back and told him, and he matched it pretty much at once. Maybe she was lucky, but to her it was just common sense to do her own research.

Share this post


Link to post
Share on other sites

Good to see the wideboy from Abbotts suggesting the BTL has been suspended.

Really, very little has been learnt from the last crash. :rolleyes: And lenders ought to be more scrutinous when it comes to selling BTL mortgages, as the expert suggested.

Share this post


Link to post
Share on other sites

And as we guessed, still pushing those "in house mortgages" particularly to first time buyers.

I guess Help to Buy has helped to fuel this. . :rolleyes:

Pushing in house mortgages perhaps explains why those on here looking to buy with cash say that they get no interest from EAs?

Share this post


Link to post
Share on other sites

Unfortunately nothing will come of it. Eric Pebbles had that vid from 2003 with plenty of fraudulent stuff from mortgage brokers on it, encouraging people to take self cert and lie about their income...no spivs sent to prison for that. Given it was so widespread between 2003-6 IMO the majority of mortgage brokers from those years should be behind bars.

:blink::unsure:

HERE it is guys !!! TEN years ago---- One of THE main reasons we are where we are today....

LIAR LOANS IN ACTION:

THE FUEL THAT POWERED THE BOOM --- PURE FRAUD:

---------------------------

EDIT: !! TEN YEARS AGO!!! -- THIS WRITING ON THE WALL DOCUMENTARY WAS FIRST BROADCAST TEN YEARS AGO TOMORROW!!!!

Edited by eric pebble

Share this post


Link to post
Share on other sites

Sad but true. Taking a deal suggested by the Financial Advisor (that is associated with the Estate Agent) is a sure fire way to get the EA fighting your corner for a deal against the seller, who the EA is supposed to represent. The buyer's fees and lender’s commissions will very much help to concentrate the EA's mind and make the deal stick through to completion. Many governments for years have deliberately failed to regulate and prevent the obvious conflict of interest. I suspect this is just the tip of the iceberg in the scheme of things that regularly go on, when you by a house in this country, you will be bled dry however it is possible by all concerned. Guaranteed :angry:.

Share this post


Link to post
Share on other sites

Pushing in house mortgages perhaps explains why those on here looking to buy with cash say that they get no interest from EAs?

So it would seem from the programme. Son is a cash buyer and has been looking for a place to do up or extend for nearly two years now and always seems to miss any opportunity. The places he'd be interested in only seem to come on the market when they're under offer, now we know why. Seeing as everything seems to be rigged these days I'm going to suggest to him that he offers the EA's a finders fee. He shouldn't have to but it probably the only way he'll get to hear about the sort of property he's interested in.

What a disgusting lot of charlatans EA's are.

Share this post


Link to post
Share on other sites

So it would seem from the programme. Son is a cash buyer and has been looking for a place to do up or extend for nearly two years now and always seems to miss any opportunity. The places he'd be interested in only seem to come on the market when they're under offer, now we know why. Seeing as everything seems to be rigged these days I'm going to suggest to him that he offers the EA's a finders fee. He shouldn't have to but it probably the only way he'll get to hear about the sort of property he's interested in.

What a disgusting lot of charlatans EA's are.

Is it possible as a cash buyer to pose as someone needing a mortgage, at least get the viewings and perhaps secure a property/ Then before signing off on a mortgage deal say "Oh look I've just been given £X in my back pocket, thanks but no thanks for the mortgage".

Share this post


Link to post
Share on other sites

Is it possible as a cash buyer to pose as someone needing a mortgage, at least get the viewings and perhaps secure a property/ Then before signing off on a mortgage deal say "Oh look I've just been given £X in my back pocket, thanks but no thanks for the mortgage".

Yes I did think of that but to be honest it would be far less complicated to simply offer a backhander. With the prices of property round my way a few hundred quid would make very little difference. Shame it might come to that though, as a family we always want to do things the right way but it seems self defeating trying to do so when everyone else is on the make. So it might be a case of if you can't bet them, join them :(

Share this post


Link to post
Share on other sites

:blink::unsure:

HERE it is guys !!! TEN years ago---- One of THE main reasons we are where we are today....

LIAR LOANS IN ACTION:

THE FUEL THAT POWERED THE BOOM --- PURE FRAUD:

---------------------------

EDIT: !! TEN YEARS AGO!!! -- THIS WRITING ON THE WALL DOCUMENTARY WAS FIRST BROADCAST TEN YEARS AGO TOMORROW!!!!

Lets not forget, that when these videos were made, the practice had become mainstream...Id say from about 1999 this was going on...followed first by the reports of people being priced out due to mortgage criteria at the Banks, but somehow, the market was booming....the solution, go to your IFA....et voila, eventually the press noticed and we have our undercover man in one London Boro exposing just about ALL the EAs he visited.

Share this post


Link to post
Share on other sites

Just saying, but surely a person who has arranged by shopping around an agreed mortgage in principle subject to the survey is a cash buyer...nobody has to give EA any personal financial information.....if they what further information they can contact your independent conveyancer that you should have already negotiated a fixed fee with. ;)

Share this post


Link to post
Share on other sites

Pushing in house mortgages perhaps explains why those on here looking to buy with cash say that they get no interest from EAs?

Could that be because they are not making what is in EA-think 'sensible' offers?

A colleague's daughter recently bought for cash in an expensive area. (Parents not well off but she had a hefty sum from an estranged grandparent). From what I gather the EAs were more than happy to help her spend the money.

Share this post


Link to post
Share on other sites

Could that be because they are not making what is in EA-think 'sensible' offers?

A colleague's daughter recently bought for cash in an expensive area. (Parents not well off but she had a hefty sum from an estranged grandparent). From what I gather the EAs were more than happy to help her spend the money.

What happens around my way is this.

1. Cash buyer puts in offer. EA and sellers laugh at it.

2. Months pass.

3. Buyer turns up with mortgage offer. Eventually bank surveyor turns up and laughs at the offer price, downgrades it to basically the original cash offer of several months earlier.

Share this post


Link to post
Share on other sites

I thought the practices highlighted by the programme seemed London centric. I would imagine anyone trying that nonesense up North would get short shrift.

They have commissions to earn...plenty of connected interests, lots of back scratching and interdependency......but this goes on everywhere, best try and cut out the middle men, buyer deals directly with seller......win-win. ;)

Share this post


Link to post
Share on other sites

And here's a link to the EAs discussing this show's findings:

What does this mean?

Added by Country Lass on 2013-10-29 10:11:49

... if they choose to take a mortgage through them then we get a small referral fee, ... , and the main benefit we tell our clients about is that we can push for updates due to our relationship.

Who is the "client". I thought that was the seller.

Who are they "pushing for updates"?

What are these "updates"?

Edited by Sledgehead

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   224 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.