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How Do I Deal With This Agent

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I am really shocked by the behaviour of this agent and don't know how to deal with them so need some advice. Story below -

Saw a property 3 weeks ago. Made an offer 5% below asking price on OH's insistence.

Agent: We have offers at/over asking price so you will need to offer more.

Me: I can't and I want this offer to be forwarded to the vendors.

Agent: We know this will be rejected.

Me: OK.

Some days ago saw another property through the same agent(another town, another branch). Yesterday morning, agent phoned to say we can get the offer accepted we need to see if you finance in place. I said OK. Showed AIP to Independent finance advisor. Last evening agent called again to say we have just had another offer on the property (£20K) over our price do we want to increase our offer. I said a firm NO and then said we are interested in the other two properties they have.

Was he trying to gazump me or what was the point of that negotiation????

Anyway, I had no attachment with the previous property. However, in hindsight, may be I shouldn't have expressed my interest of the other properties to the agent?

How do you handle such situations?

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The reason they ask you about finance is to see if they can screw any more money out of you. My experience was that the reason they ask you for any proof of finance or to see one of their "IFA" is purely for that reason.

They use the financial information that they get out of you or through the "IFA" to work out the maximum loan that they think you will get regardless of the terms and then that becomes the new asking price of their client. This is regardless of how much you feel you can pay or how much you want to pay.

That's why I will never see a IFA recommended by an EA or show them any proof of finance with or after an offer.

The EA sees this as an opportunity to do further negotiations and has no intention of sticking to the offer that their client supposedly accepted.

The EA then invents other offers to try and force you to up the agreed price because they think you can afford to pay it based on the financial information you supplied.

The point is to never agree to hand over to an EA or any IFA that is in anyway associated to them any financial information. All you need to say is that you have finance agreed with your bank.

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The reason they ask you about finance is to see if they can screw any more money out of you. My experience was that the reason they ask you for any proof of finance or to see one of their "IFA" is purely for that reason.

They use the financial information that they get out of you or through the "IFA" to work out the maximum loan that they think you will get regardless of the terms and then that becomes the new asking price of their client. This is regardless of how much you feel you can pay or how much you want to pay.

That's why I will never see a IFA recommended by an EA or show them any proof of finance with or after an offer.

The EA sees this as an opportunity to do further negotiations and has no intention of sticking to the offer that their client supposedly accepted.

Given the number of sales that fall through owing to the buyer being unable to obtain finance I think its entirely reasonable for the agent to ask for proof a potential buyer is in a position to proceed.

As a seller I wouldn't be interested in an offer from someone who could not satisfy my agent they were in a position to proceed, and even less so if the buyer refused to disclose any details - maybe if they offered 5% over the asking price to cover the risk that I was dealing with a dreamer

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When we had our finance agreed with the bank the valuer was trying to make an appointment within a few days of the offer being accepted

It's quite obvious to the seller when that happens.

The EA is asking for proof for their own means and no the owner,

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Given the number of sales that fall through owing to the buyer being unable to obtain finance I think its entirely reasonable for the agent to ask for proof a potential buyer is in a position to proceed.

As a seller I wouldn't be interested in an offer from someone who could not satisfy my agent they were in a position to proceed, and even less so if the buyer refused to disclose any details - maybe if they offered 5% over the asking price to cover the risk that I was dealing with a dreamer

How would them offering 5% more, cover the risk you may be dealing with a dreamer!? If they can't afford the asking price then they can't afford asking price plus 5%. You won't get either and it wastes just as much time!

I would not deal with an agent that was overly nosey about my finances, in fact I think I would be quite obtuse!

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When we had our finance agreed with the bank the valuer was trying to make an appointment within a few days of the offer being accepted

It's quite obvious to the seller when that happens.

The EA is asking for proof for their own means and no the owner,

Good answer. More EA nonsense!

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Yes, I can't say its been my experience that agents use their knowledge of how much you can pay to bump the price up further. Mind you I was careful to only reveal as much as my offer - rather than the complete state of my finances.

I do think its fair enough to ask for proof as there are a lot of dreamers/fantasists/out and out liars - masquerading as buyers out there. The same is equally true of sellers, of course.

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Tyres: I would be very careful mentioning a specific agent.

In short: I will laugh gently in the face of anyone who suggests that the EA is doing anything practical or valuable (for the prospective buyer) by driving them towards their own IFA.

Anecdote: an agent that may (or may not) be in the same company tyres has mentioned (infer from that what you would) really tried it on with me recently.

Suggesting that my 15 years experience in the British finance and legal worlds wasn't enough for me to know how the process works - including but not limited to suggesting I had no idea what an AIP was when I had 2 in my hand - and three unsolicited and aggressive calls from the "IFA" immediately following my declaration of interest in the house.

And when asking the agent how the vendor to have the audacity to ask for a 45k premium on a 250k house for living in the house for less than 12 months (yes, that is nearly 4k per month 'earnings' by the (unmodified) house!) I was met with a very rude and very insulting response.

I did let them know what I do for a living (they can look up the salary bands for this role on public records quite easily) and that I have a deposit to hand (but not the amount) and that I come as a chain-free buyer ... and that I had 2 AIPs in hand (and yes, I knew that would affect my credit score, possibly, slightly).

I still have records of the calls (and yes, it is legal to record your own telephone calls if you are not using them for commercial gain or any form of public sharing). And I would have shared excerpts of the transcripts with the vendor if I didn't think the vendor was as much of a snake as the EA concerned.

Don't believe anything an agent (of any type) ever says. They have agent in their job title. That should be warning enough.

Aidanapword.

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When we had our finance agreed with the bank the valuer was trying to make an appointment within a few days of the offer being accepted

It's quite obvious to the seller when that happens.

The EA is asking for proof for their own means and no the owner,

Having the valuer come round, as I know from experience is not guarantee that the buyer is in a position to proceed. Mortgage companies will instruct a valuer once they have recieved the valuation fee, the detailed checking of finances happens after that.

You may be right that the agent wants to know your finances for other reasons but as a seller I still want to know whether a potential buyer is in a position to proceed before accepting an offer - or at least before taking the property off the market.

NB the 5% was just intended to make the point that, if the offer was particularly attractive I might be prepared ignore th above and take a risk.

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I had the estate agent do exactly the same.

I put in offer 10% below asking price. i had two mortages agreed in princable but they still wanted me to come and see there finanical adivsor. I had to tell them about several times that was my offer and thats what i can afford and i will not pay any more. They told me the owner wanted more and some other viewers etc. I told them thats ok if he changes his mind or something else comes up in the same area give me a call. A week later they agreed and i now own the house.

You really do have to prepared to walk away.

Around 5 years ago i was looking in to replacing my car. So i was driving round dealership looking for car. I left in the backseat i left a printout of all cars i was going to look at that day. The first dealership i went to he wanted to test the clutch in my car etc and he must have seen them. He offered me such a good deal that brought the car and did not bother going to other dealerships. Maybe you should try say sort of trick. Have look at rightmove ,zoopla etc amd next time the estate agent phones tell you going to look at another house in nearby area give address casually. Or maybe organise another viewing and take print out of spec of another house and compare them in front of estate agent.

Give him a bit of stress in return

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I think you've handled them fine already. Just keep telling them you have plenty of other properties you're interested in, leave the offer with them. Act like its day-to-day business to you, don't be the 'nervous first time buyer'!

If you really have to hand over a AIP, just make sure the figure on it is way under the asking price - and state that the remainder is coming from equity/savings/family etc. that way you are showing them that you can get a mortgage (in theory) but the rest of your budget remains private - I don't think they can expect much more than that. To be honest anyone with a clean credit file can get a AIP with any figure on they like - they rely on the applicant being honest about their income! so they are fairly worthless.

When they want to drag you in to see their IFA, it's mainly so they can do their little presentation on 'how they can help you get your house' sometimes admitting that the EA is purely working for the seller whereas they will 'be on your side' but of course there is a fee for their services which is usually £250-500 :ph34r:

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Thank you for all your replies. Every single one of them is very helpful. Keep them coming.

I wish I could scream at the agents who advertise one property and try to sell me another one. They need to know and respect that I have a brain inside and not treat me like a blonde.

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Thank you for all your replies. Every single one of them is very helpful. Keep them coming.

I wish I could scream at the agents who advertise one property and try to sell me another one. They need to know and respect that I have a brain inside and not treat me like a blonde.

we had this. at one agents the house we liked was significantly below the "budget" we had given when we looked at a previous house. Agent refused to allow us to have a viewing so we just knocked on the door and spoke to vendor direct - he was as you'd expect pretty upset with his EA.

We ended up getting the house for £25k below asking (this was in 2008).

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I had some idiotic EA round a few years ago to give me a valuation. When I asked her the run-of-the-mill questions like why should I use her company, her main response was that they "cross sell" - meaning once a buyer contacts them they spam them with listings in a similar price bracket and even offer to physically drive them round to view externally. I asked her if I could opt out of that because it would only attract thickos and timewasters who don't know what they want, the look she gave me as if I was from another planet.

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