New home sales people(9 Posts)
Just a little rant to see if others have had this experience.
So firstly I am in an excellent position a developer is buying my property and we have exchanged for a variety of reasons we have a fairly flexible completion date that total fits in with the builders time scale. I will be reducing my mortgage to buy the property, I have a portable mortgage that is an excellent rate as it pre-dates the property crash. But apparently I need approval by their IFA because they don't want to deal with lots of different companies - they don't need to I have my mortgage offer my solicitor confirms to them the finance is in place.
I have done my research I know what I want. The location of their property is ideal for me, the property is ideal for me.
So I am a motivated buyer in a virtually perfect position, so why, oh why do they do just about everything to put me off.
Due to previous experiences for today's meeting I dropped in that I run my own medium sized business, I dressed smart and looked the part.
Do they actually want to sell these houses?
They want to maximise the money they make from you. Their IFA will probably try to get you to go for a new mortgage deal - it'll be their standard practice. They'll also want you to look at life insurance and so on. IFA's get commission on the products they sell and the company will be taking a cut.
Their IFA isn't an 'independent' financial advisor if they are tied to them they are just a FA.
My personal feeling would be to tell them to stop dicking around otherwise you'll walk. Initial resistance should then fall away, as you say you are a well positioned, motivated buyer that they are about to lose.
Wow the amusing thing is due the business I am have insurance up to my eyeballs including critical illness, permanent health, terminal illness/ life for mortgage value and key man life insurance for the business. About the only thing I am not insured for is to make myself redundant.
I suspect I have to jump through the hoops to go , got that, got that, got that and leave the poor man very unhappy. I even have insurance to cover the ExH dying, in fact I would be better off if he did die.
Every new home sales person I've met has always been really dismissive and rude! We will get a flyer inviting us to an open day and then turn up and be ignored or just get a half hearted pitch. We are genuine buyers, ready to move (currently in rented) with a healthy budget and deposit. It really winds me up and makes me walk away!
It's illegal for them to insist you must use their financial advisor or you can't buy a property. Loads about it on the net, get your solicitor to write them a strong letter.
Sparkly the didn't say I had to use him, just get approved. Believe me it will be a wasted meeting for him.
Tactics - they hope that you take out a mortgage (plus numerous insurances) with them and the salesperson will get commission for referring you
You don't need approval. Our sales rep was great as explained the reality of her companies expectation.
We had mortgage in principle, private banker etc as like you our own business. No way could they offer better, which they knew.
Their IFA calls, takes ten minutes to run through details. He suggests a couple of offers and rates, we decline and wishes well. Then calls sales rep and says we're good to go.
Didn't bother me, everyone's ticked their procedural boxes and off we go.
(I was wearing dog walking clothes, a natty bumbag and all tattoos and piercings on display when I went in so it really is procedure rather than judgement.... They were still quite happy to take a 2k deposit and reserve the house )
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