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Original poster

Is this normal for estate agents?

38 replies

drjohnsonscat · 14/02/2013 11:19

I'm thinking of buying a flat to rent out and have 50% cash and may be able to do 100% cash depending on what I buy or whether I buy with a family member. I haven't spoken to a mortgage lender yet because that should be fairly easy for me to sort out. So I just called the agent acting for a flat I saw on RightMove and told him I would like to see this property. Before even asking my name he asked my financial position. I was taken aback but explained I had 50% cash maybe more. He wanted to know who my mortgage lender would be - he still hadn't asked my name or taken any details. I said I hadn't spoken to my broker yet but it wouldn't be a problem. He said "I don't mean to be rude but I don't want to waste my time and I'm getting a lot of interest on this flat". So I told him to forget it. The flat, by the way, is almost completely derelict so not for the average buyer. I have bought derelict properties before so not put off by that.

Is this normal?

OP posts:

mum47 · 15/02/2013 17:26

Not unreasonable for an EA to establish whether someone is a serious buyer, particularly if there is a lot of interest in a property, but it sounds like he needs to go on a course to learn some people skills! You could have been the person who ended up buying that property and he has lost his client a sale.

TheFallenNinja · 15/02/2013 17:33

Yes. I had two hang up on me after asking about my financial status.

Estate agents are a bunch of tools who look at a pallet of bricks, describe it as a bijou fixer upper and value it at £250k

StiffyByng · 15/02/2013 19:00

Obviously agents and developers are in each other's pockets quite often but you really need to remember too that some places might just not be mortgageable, leaving cash buyers the only option. While our house was on the market, a perfect looking house nearby went under offer four times, and each time re-appeared after a short time. Once we were under offer, we raced round to see it, and found that it had Japanese Knotweed in the foundations. Fixable, with time and treatment, but none of the four offerers had been able to find a lender to mortgage it. It does make a difference. Mortgage companies are very nervous at the moment too.

gregssausageroll · 15/02/2013 19:24

As an ea, we always ask what a viewers position is. Where I work from property can take a while to sell. Sellers want to know if the viewers have sold or are still on the market.

As someone else said, if the property is needing work done it may not actually be mortgageable.

That said, I always ask name and telephone number and when they want to view first.

And to whoever above said all agents are gits, with all due respect not all are. A lot are but don't tar us all with the same brush.

21march · 15/02/2013 19:42

Greg, if you read my post I did say, "not all estate agents are shit bags", and I also pointed out that my sister's best mate was one. I'm not a fan of your profession (find me anyone who is) and I can understand if you feel frustrated that you are all tarred with the same brush, but the fact that you didn't even bother to read my post properly doesn't fill me with confidence in your care and courtesy.

gregssausageroll · 15/02/2013 19:53

If you read my post properly 21march, you would know I was not talking about your post. The post I was talking about was from 12.15 today. Thank you.

I never said shitbags, I said gits.

I await your apology.

Original poster

drjohnsonscat · 15/02/2013 20:53

I wouldn't have actually needed a mortgage on this property at all. Would take out a mortgage on my own property if necessary to finance this. Anyway, he didn't get that far because he had no interest in showing me the property anyway. What's frustrating is that I could well be the buyer that offers more than developers - I haven't got a target margin to protect. But his vendors will never know that.

Anyway, I've spent the day looking at various other agents and had a much better experience. Lots of talking up prices and telling me my budget's not big enough (of course) but no one insisting on full disclosure of my financial status before asking my name or basically refusing to engage.

OP posts:

IHeartKingThistle · 15/02/2013 21:02

I said gits! Yep, guilty of wielding the tar brush there a bit, sorry. Been burned one too many times!

gregssausageroll · 15/02/2013 21:07

That's ok itheart. I know there are many horrid agents out there. Just not all of us! We work really hard at trying not to be which is why my team of 3 has just come second in a mystery shopping exercise for Scotland

IHeartKingThistle · 15/02/2013 21:33

Maybe I should move to Scotland next! Not cold there, is it?

gregssausageroll · 15/02/2013 21:37

Not all the time but generally, yes!

LadyKooKoo · 15/02/2013 23:19

Don't think it is unusual behaviour at all. I also don't think there is a 'dodgy deal' going on. We are completing on our new home four weeks today (if all goes to plan). Our offer was submitted four weeks ago with a copy of a bank statement showing the deposit funds and a copy of the AIP from the bank. The EA wouldn't even submit our offer without them.

nocake · 16/02/2013 09:54

Estate agents lie so lie back. Don't waste anyone's tome viewing property you have no chance of buying but if they ask just pick the name of the first bank you think of. They can't check although a good agent will want evidence that you can finance a purchase before accepting an offer.

We're trying to move and although all the agents want to know what our position is (i.e. is our house on the market?) none have asked who our mortgage will be with.

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