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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Estate Agents being pushy

143 replies

TheBouquets · 01/08/2016 13:24

I am hoping to move house very soon. I have had bad experiences of being too open and honest with certain official persons. Therefore I have learned to be guarded.
I called an agent to arrange to view a property. I was asked loads of questions about my house owning position. As I refused to specify my house owning / financial situation I was not allowed a viewing.

This particular house has been up for sale for over a year, it has a good survey and in a desirable location.
If I am old enough to be buying a property, and a property which is not a starter price range for the majority of people, surely I am old enough to know whether I can afford this property or not.
What makes Estate Agents think it is going to do any good to put prospective viewers off before they even view? Surely our financial status is nobody's business but our own as responsible adults?

OP posts:

PersianCatLady · 01/08/2016 14:12

If you can afford it, what does it matter?

GiddyOnZackHunt · 01/08/2016 14:16

We're they actually asking for specific details like salary? Or was it Do you have a property to sell? Have you got a mortgage in place?
First is prying. Second is assessing your position. Nothing to stop you saying I own a number of properties and the finances are available for me to proceed quickly if a viewing goes well.

pinkunicornsarefluffy · 01/08/2016 14:19

Money Laundering is a serious issue and somebody has posted a link to the Government publication. It is not "tosh". Solicitors, Accountants, Estate Agents, Bank Clarks, etc all have to be very wary of clients potentially doing fraudulent transactions.

With estate agents they have to ensure that there is no mortgage fraud, or cash money laundering. The solicitors have to have actual proof of funds in order to satisfy this for themselves.

FuzzyOwl · 01/08/2016 14:22

When I said it was a property in a desirable area but on he market for over a year I do wonder how many real prospective purchasers have been put off by the conduct of the EA.

You mean by the EA doing their job?

I may go to the property and tell them what is going on.

If this was my house, I would be pleased to hear that the EA was doing their job.

Equally does anyone think I should be stating that I have £X in this bank and £X in another bank and £X in the boot of my car and even more under the bed?

No, just tell the EA your financial situation about how you can afford to buy the house and answer their questions.

PovertyPain · 01/08/2016 14:24

One of my clients works in finances, connected to the sale/buying of houses. He had a cash deposit from a client, just before his holidays, so took the cash and wrote a cheque to cover the deposit. There was no dishonestly involved, just foolishness. He ended up in deep shit when the 'auditors' checked the books. He was very lucky that he wasn't penalised, if that's the correct word, for it.

CatsCantFlyFast · 01/08/2016 14:27

Surely this is overthinking.

Agent is asking what position are you in? You can just say cash buyer, budget up to £x. Or whatever. They don't need all the details but they are just doing their job. What questions did they ask exactly that you think are out of order?

Smurfnoff · 01/08/2016 14:28

A chain-free cash buyer is a seller's dream. You should be shouting this at the agent from the rooftops, not refusing to tell them. It's like applying for a job and leaving your PhD in the relevant field off your CV.

Dontyoulovecalpol · 01/08/2016 14:32

Lurking husband. We're talking about viewings. There is no need to tell anyone anything. Not sure if you're getting over excited or misunderstanding the money laundering regulations you linked to.

EA have no more obligation to vet viewers than a jewellery shop does before it lets you browse.

Dontyoulovecalpol · 01/08/2016 14:33

The other thing is I can only imagine EA aren't very smart, if they don't realise a mortgage offer in principle isn't worth the paper it's printed on.

specialsubject · 01/08/2016 14:34

you will need to give all those financial details if you state you are a cash buyer. You need to advise whether you have a house to sell, whether it is under offer and so on before you can view. This is because people don't want to waste their time showing round people who can't buy.

this is the downside of living in a country where there is regulation and attempts to stop corruption. Sorry. Don't like it? Plenty of countries are available where this kind of thing doesnt apply.

sounds a good house. The old adage about noses and faces comes to mind.

FairyDogMother11 · 01/08/2016 14:34

This reply has been deleted

Message withdrawn at poster's request.

LurkingHusband · 01/08/2016 14:34

With estate agents they have to ensure that there is no mortgage fraud, or cash money laundering. The solicitors have to have actual proof of funds in order to satisfy this for themselves.

Of course, for "the bad guys" the obvious answer becomes to avoid estate agents and solicitors when doing property deals ... there's no law (yet) that you have to use either.

SmallBee · 01/08/2016 14:34

When we were selling our place the estate agents made sure that everyone looking was in a position to buy, not just idly browsing or bring nosey. It was a pain trying to keep the place ready to view with a four month old and I'd be really pissed off if my time and effort was wasted by people not in a position to buy. So YABU to expect someone to open up their home to you to look around when they've not idea whether you can buy it or are just nosey time waster, it's annoying.
Its strange to get offended about it as presumably if you are serious about buying then you would tell them your financial situation and whether you were ready to sell at some point.

Dontyoulovecalpol · 01/08/2016 14:36

That's not the case special because there are Plenty of EA who ask nothing of the sort until you expect an offer to be considered.

Pinkunicorn I would love to know how a EA would know if i were committing mortgage fraud. That's brilliant.

LurkingHusband · 01/08/2016 14:40

Lurking husband. We're talking about viewings. There is no need to tell anyone anything. Not sure if you're getting over excited or misunderstanding the money laundering regulations you linked to.

I was talking about the fact that - depending on the estate agents appetite for risk - any potential buyer/vendor is at some point going to have to pass a smell test. If a particular estate agent, or a particular valuer working for a particular estate agent chooses to invoke money laundering at the viewing stage, then that's their prerogative. Other valuers and estate agents may not do that. But it doesn't invalidate money laundering as a reason for needing so much details for viewing. Just means different interpretations.

Having worked too- closely for my liking with estate agents, I feel confident in characterising them as likely to err on the side of caution especially if caution means not spending money--.

KateAdiesEarrings · 01/08/2016 14:40

Lots of people avoid EAs. It doesn't mean they're 'bad guys' Lurking . What nonsense! There are lots of legal channels to buy property without using EAs including auctions.

LurkingHusband · 01/08/2016 14:44

Lots of people avoid EAs. It doesn't mean they're 'bad guys' Lurking

Error in logic: some bad guys avoid estate agents is not the same as all people who avoid estate agents are bad guys.

KateAdiesEarrings · 01/08/2016 14:45

Your initial post didn't say 'some' hence it could be mis-read but good that you have clarified.

TattyCat · 01/08/2016 14:46

I think if estate agents started invoking the money laundering process willy-nilly at viewing stage, then the process couldn't possibly cope with sheer volume and the relevant department would get pretty peed off with unnecessary paperwork!

Dontyoulovecalpol · 01/08/2016 14:47

Lurking you indicated throughout your previous posts that these checks were related to money laundering and they're just not.

If they're attempting to vet for money laundering before viewings based on a few question they're clearly going to be ineffective in preventing it anyway
so it is moot point, just one of the many fibs pedalled by estate agents (see also; you must use our financial advisors. You must use our solicitors. You must not speak directly to the vendor etc etc)

Liiinoo · 01/08/2016 14:48

We have been homeowners for over 30 years but were still asked to show proof that we had the necessary funds before we had an offer accepted on a flat recently. There are a lot of time wasters out there and part of the EAs role is to weed them out. It is annoying sometimes, but if you were the seller you would be very annoyed if they didn't do this.

Badders123 · 01/08/2016 14:49

Yabu
Totally normal.
If I was selling I would insist that the purchasers had proof they had an mortgage offer and house sale offer and could proceed bitter experience of time waters

LurkingHusband · 01/08/2016 14:55

Lurking you indicated throughout your previous posts that these checks were related to money laundering and they're just not

No, I suggested money laundering as a possible reason, that's all.

There's also an element of protection from money-laundering laws. Estate agents have to demonstrate due diligence as well.

I didn't say it was the reason ...

ghostyslovesheep · 01/08/2016 15:02

when selling a house I always specify no viewings unless they are in a position to move

I don't want people coming for a nose - I want people coming to buy

If you own properties I am surprised you haven't come across this before - yabu

Diamogs · 01/08/2016 15:02

I work for an EA, I'm neither thick as two short planks nor just chasing commission and actually I do give a shit about our clients.

If a vendor says that they only want serious buyers then we are doing our job by asking the buyers position before arranging a booking.

We also have to comply with Anti-Money Laundering rules or we can end up with a hefty fine / prison sentence.

Yes some estate agents have damaged the reputation of the profession but we are not all like that and it sounds like the one that the OP is dealing with is doing their job well.

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