Pressure to see in-house mortgage adviser or offer not accepted!

[cazzabazza]

We’re interested in viewing a couple of properties through a certain large estate agent, however they’re pressuring us into seeing their in-house mortgage adviser first to qualify us financially.

They told me that unless we saw their adviser (a no-obligation appointment), that our offer wouldn’t carry any weight and would lose out to other offers from buyers who have seen their adviser.

The implication is that they won't recommend acceptance of our offer to the vendor, even if we already have finance arranged in principle through a different adviser. I was told that an AIP through someone else was effectively useless!

I think this is totally outrageous. I would like to tell them to stick it as far as seeing their in-house person is concerned and just take our chances, however I am slightly wondering whether we should just grin and bear it, have the consultation, but just not accept their mortgage offer just to have a fair chance of having an offer accepted (if we like the property).

Any advice on what to do in this situation?

Contact the vendor directly and tell them the EA is refusing to put forward your offer unless you see their broker.

I think they will still put forward the offer (as that's a legal obligation) however they've told me that they won't recommend us to the vendors over another buyer if we haven't seen their adviser and I think this is wrong!

of course it is wrong, shocking sharp practice. Contact the vendor who is paying for all this (you know where they live!) and tell the EA to get their kickback from someone else, because you were not born yesterday.

Absolutely disgusting. As above. I'd also report them to their industry body and also report the broker to the financial conduct authority. I'd be far more interested in the latter. They actually have teeth, god knows who regulates estate agents.

Also tell the little scammy shits that that's what you are doing. That, if they have any sense, should put a stop to it.

Let me guess, Bridgfords?

We

We're in a similar position. We've been told our offer is acceptable but they'll stay open to offers until we've seen the in house FA.
We have a MAIP which is be happy to show the owner but now we have to wait nearly a week to verify our ability to buy.

I get why the owners want this but we could be out bid in the mean time

Tell EA that it breeches the Estate Agents act, and also threaten them with the Financial Conduct Authority.

They have to put forward all offers with equal merit, or something like that.

I also assume you know where the vendor lives Go direct and tell them the EA is putting obstacles in the way that may result in them missing out on offers.

Contact vendor in writing tell them who you have arranged fianance through and that you have finance in place. Make your offer direct and put a copy of the fiannce letter with it to prove you have finance.

Tell the EA you have contacted vendor directly and you will be contacting the Financial Conduct Authority and the industry body they are a member of.

I had this with one agent and we are taking our mortgage with us and it had all been pre-approved along with an amount of additional lending. Leaving the deal would have attracted a significant penalty as we have a tie-in.

If you have finances in place, can you just show the evidence?

So long as it's actually "no obligation" I would go ahead and have the appointment so long as you make it clear that they do not have permission to put in any application on your behalf or do any other searches which would leave a footprint on your credit-check.

It's reasonable for them to want to see proof of your income and savings so that they know you do have the wherewithal to follow through on any offer you made, they do come across time-wasters who put in offers that they could never actually fulfil.

It is illegal for them to insist that you apply for your mortgage through them, and if I were you I would make it clear that I would not consider using their services for a moment precisely because they are trying to hard-sell them to you. Any service that requires a hard sell is almost certainly a bad deal.

The EA tried it with us, we refused point blank and contacted the vendor and told them that they were refusing to put our offer forward.
the vendors were furious, rang the EA and threatened to go with another EA. The EA manager rang us to apologise offer was put forward and we moved in last year.

It is a high pressure sales pitch designed to make them money and very bad practice. I know of people who left that office in tears.
No obligation! Laughable.
It's bullying tactics-stand up to them. You can prove your finances without seeing their bully adviser

The reason they do this is to get an insight into your finances in order push the price of the property up. The agent will also get an in house commission for referring applicants to the FA.

Whatever you do do not show them "your hand". It will piss the agent off but I would approach the vendor in this situation.

I had the exact same problem with Barnard Marcus, then ironically one of the guys from the branch was on a documentary where they highlighted these shameful tactics. I was fuming, but didn't do anything about it at the time as its a difficult situation to be in.

Just know if ever I was going to sell or my family or friends were selling I'd advise them not using that estate agent.

A lot of agents here in Cambridge do it!!! We thought it was normal when we moved here although none of the other areas seemed to do it to us.
Thinking back yes it's pretty bad. We were told that if we had the appointment they will then push our offer as they know we can afford it and are better as we've taken the time to go in and see them etc. terrible really.

Mann Countrywide tried exactly this with us. We told the vendor who promptly dumped them.

It is a breach of NAEA industry codes of practice and they have been in trouble over it already. They continue because they make so much money from it and buyers are easy targets.

Wow..property boom is back again. The estate agents is not acting in the vendor's best interested but their own. Drop your offer in writing through the vendor's door. Explain why. Call the head office and talk to the compliance officer.

We had this with connells and refused.

We already had a mortgage agreed so its a waste of time.

I will never buy a house or sell a house through them