What is this estate agent up to?

[drivingmisspotty]

I am a first time buyer so please tell me if I am being naive and/or overly suspicious!

We saw a property we liked 3 weeks ago. First offer rejected immediately, too low. EA explained that they had loads of people who were interested in this kind of property who they would be showing around the following weekend and they were sure it would go.

We dithered a bit about upping our offer into the next week then noticed property had disappeared from rightmove/EA website so assumed another offer had been accepted.

Called EA to check on this they said it hadn't gone, 'that's odd you can't find it on rightmove sure it's there. Would you like to increase your offer?' So we offered asking price (which we thought it was worth anyway but is top of our budget). EA said great would pass it on 'and of course you know that we require all buyers making an offer to meet with our mortgage broker to assess affordability...'

Aha! A scam! I thought but duly made the appointment determined that we would not actually get to point of paying for services.

Broker was convinced we could afford. Since then nearly 2 weeks have passed. Vendor has been 'thinking about' our offer, 'just wants to talk to their sister' and 'is worried as they won't be able to move quickly.'

Pretty sure EA is stringing us along and they have already accepted a higher offer from someone else. Should I just give up or can it really be this slow?

Put in asking price offer

Sorry that last sentence is stray-on my phone and it wouldn't let me edit

Don't think you're being overly suspicious, particularly the 'to check you can afford..' insistence on using their broker - unless there are some decent chinese walls in place (i.e. the mortgage broking entity is separate from the EA and cannot pass on information to them without your say-so) then potentially the EA now knows how much you have to 'play' with. So even if this one falls through, they may use 'other buyer has offered x more' type tactics to either get you to offer more on this one, or to up the price on anything else you look at through them.

In your shoes I would time limit your offer by emailing them saying it is your "best and final offer" and will be off the table on XX date.

Also, remember you've put your best bid in - if it comes off, great, if it doesn't you will find somewhere else as good, if not better.

Good luck either way.

Thanks Moonlight. Yes, I am very suspiscious of the broker. I don't know about a chinese wall, there wasn't even an actual wall between where we were telling him our income/outgoings and where the Estate Agents sat! Actually looking back I am not sure why I didn't kick up a fuss about that, I think I just wanted to get the whole thing over and done with. And broker did assure us it wasn't worth his job to tip off the agents.

Good idea about the email and deadline, will give that a go.

I used to be an estate agent (sorry!)

The check you out with our broker thing is a sales line that they all use because they have sales targets to meet in terms of referrals. If you take out the brokers product, the EA will get some money added on to their monthly bonus. Legally, they just need to know you can afford it, so saying firmly that you have a mortgage advisor already and can pass on the details of them / the mortgage you are already approved for should get you out of it.

The not showing up on rightmove thing is odd - is it back up there now? I would personally call them and say you made your offer x weeks ago, you are looking at other properties and need to make a decision soon. If they don't get back to you within x amount of days / end of the week, you will be putting offers in on other properties.

Remember they want to sell you the house because that is how they get their money! Out of interest, it isn't Bridgefords is it? Their sales patter sounds familiar!

ps I know the broker isn't legally allowed to tip off the ea, but ours used to come out and say why don't you show Mrs customer x house, and that way you would know what their real budget was.....

I am so glad I'm not an ea any more!

Good luck!

Hi sillymilly. No, still can't find it on rightmove or on their website even as 'under offer' or sold stc which makes me even more suspicious! Am wondering if either vendor has genuinely got cold feet or if they have had a much better offer and are either holding us in reserve/trying to milk us through the broker. But then in thatcase I woulfld have ththought they would start a bidding war?

The payment by commission must be grim though-glad I am also not an ea!.

Not Bridgefords, no, but perhaps have got some tips from them!

It is nerve-wracking but nothing to lose!

Also, while it's possible either this EA or a future one will ask for proof of funds when bidding, just remember you don't need to reveal the actual amount you've been approved for. Three ways (and there are probably more) of confirming funds without revealing the exact amount are:

Ask your solicitor to write a letter saying all funds are in place, or;
ask the lending bank to confirm that " driving is approved in principle for X", where "X" is the amount of your bid, or;
provide a copy of the MIP letter with the actual amount blanked out.

I am an EA in Scotland. These threads horrify me. We just have a much fairer way in Scotland.