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Original poster

In-house broker before allowed to offer

59 replies

cheasypleasy · 03/04/2023 10:16

Moving in from my last thread, the EA has told me that I have to speak to their in-house broker to qualify me in order to put my offer in in the best light.

I have my own broker that I want to use. He said even if I have a mortgage in principal (which I am arranging now), I will still have to speak to their broker, as he said you can get an MIP from mortgage calculators.

Is this the norm?

OP posts:
Xjshdvf · 03/04/2023 10:17

We had to do this when we bought a new build even though we then still went with the mortgage that our broker had arranged

Original poster
cheasypleasy · 03/04/2023 10:20

What kind of questions do they ask?

OP posts:
Bear2014 · 03/04/2023 10:20

I think it's becoming more common. We had to do it buying through KFH in London 8 years ago. It's great for sellers I guess as they feel really secure having it all done in house.

Original poster
cheasypleasy · 03/04/2023 10:23

I told him I will not be using their broker!

I saw that London's biggest EA have been in the papers for doing this.

Already I'm not keen how they took the house from Rightmove instead of putting reduced, so that it magically appeared as on for offers over.

OP posts:
MrsCarson · 03/04/2023 10:41

Do the sellers know they are doing this? I wouldn't want to use their in house broker.
Stick a note through the sellers door saying you want to make an offer but EA refusing to pass it on as you have your own broker and won't use theirs.

Original poster
cheasypleasy · 03/04/2023 10:44

There are tenants in the property. I suppose I could ask them to pass it on to the LL.

I have no idea whether he knows what they are doing. It's got my back up, as my friend worked for them and I think the owner/manager is shady just by the way he treated her.

OP posts:
NotDavidTennant · 03/04/2023 10:51

They are legally obliged to pass on all offers.

Original poster
cheasypleasy · 03/04/2023 10:54

They said they wanted to present my offer in the best light.

To be fair I haven't got an MIP yet as I was waiting until I started my annual leave today. Still rubbing me the wrong way though as he said I still have to speak to their broken whether I have a mortgage in principal or not, as it can be done with mortgage calculators - whatever that means.

OP posts:
Jarstastic · 03/04/2023 11:14

I read a recent article on how this is wrong and can be reported.

however, (as long as they are not insisting you actually use their broker) I can see their point. DH and I did the online on websites like London and country and got paperwork for much higher figure than we were then advised after IFAs in person.

rosie1959 · 03/04/2023 11:21

A few estate agents try this one it’s totally wrong and of course you can use your own mortgage broker

Outnumbered99 · 03/04/2023 11:24

They can't force you to use their broker, but it does make sense for their trusted broker to "qualify" you (basic details basically confirming you are a proceedable purchaser and not a time waster). I would assume the vendor would be aware of this, many estate agents and builders do similar.

JohnnyM · 03/04/2023 11:28

It's very common. You don't have to go with them for a mortgage etc. they are just trying to establish if your offer is 'proceedable'.

They often call it 'qualifying you'. For us it was just a case of a 5 minute call and us showing we had a MIP that was sufficient to cover the offer we made.

If it was me selling and I had no evidence an offer was 'proceedable' I would tell the EA to keep marketing the property.

As soon as you get your MIP - which you say you are doing - you will be 'proceedable'.

Original poster
cheasypleasy · 03/04/2023 12:12

I feel like it is showing an EA your hand!

Surely the should accept a MIP from a reputable broker without having to talk to (be sold to) by there's

OP posts:
Thesharkradar · 03/04/2023 12:16

Presumably estate agents are not seeing many sales so they're looking for other opportunities to milk you for profit 🤬
It all sounds a bit 'conflict of interest' to me .....?
I would report them 🤬

YaWeeFurryBastard · 03/04/2023 12:20

I think it’s fine and sensible to be honest. I don’t really understand the problem as it’s not like you have to then use their broker. As a seller I’d bet very wary of a buyer that refused to be qualified by the in house broker, anyone can get an AIP by simply making up numbers.

Original poster
cheasypleasy · 03/04/2023 12:23

Who should I report them to? I think you can only report them if buying is conditional on using their in-house services.

It has really annoyed me. I know 100% that this man is going to try to sell to me and I do not want that.

The shenanigans they use to manipulate Rightmove has already put me off them. I am at their mercy somewhat though.

I have got in touch with a broker that a friend recommended to me, but he hasn't got back to me yet.

Any tips on finding an excellent broker?

OP posts:
onthefence23 · 03/04/2023 12:25

We had the same, i was happy to take the call and politely but firmly said I didn't need his services Smile it took about 3 minutes and in the meantime our offer was accepted

Original poster
cheasypleasy · 03/04/2023 12:28

I get that, but I want to keep it to myself how much I can afford, as they will obviously try to push me over the asking. They are already asking how much deposit I have when I called and I kept it vague.

Like PP said I don't want to be milked because they have inside knowledge.

What questions do they ask that take 3 minutes?

OP posts:
onthefence23 · 03/04/2023 12:43

cheasypleasy · 03/04/2023 12:28

I get that, but I want to keep it to myself how much I can afford, as they will obviously try to push me over the asking. They are already asking how much deposit I have when I called and I kept it vague.

Like PP said I don't want to be milked because they have inside knowledge.

What questions do they ask that take 3 minutes?

My broker was fab (and indépendant) happy to DM if you would like the name.

The in-house one we spoke to was fine once I briefed them on our positon and aip, they knew we were proceedable I just turned down their offer of help and that was that

Original poster
cheasypleasy · 03/04/2023 12:45

Yes, please on the fence!

What made him good?

Is he whole of market etc.

OP posts:
Thesharkradar · 03/04/2023 12:47

cheasypleasy · 03/04/2023 12:28

I get that, but I want to keep it to myself how much I can afford, as they will obviously try to push me over the asking. They are already asking how much deposit I have when I called and I kept it vague.

Like PP said I don't want to be milked because they have inside knowledge.

What questions do they ask that take 3 minutes?

Yes this is why they want to keep it all in house.... they want to get as much information as they can about you so that they know exactly how much profit they can squeeze and manipulate out of you
Ducking bastard shyster wankers and cunts that they are🤬

Original poster
cheasypleasy · 03/04/2023 12:52

@Thesharkradar 😂 especially these snakes. Saying I still HAVE to speak to their man even if I have a MIP to show them!

Their broker contacted me within 3 seconds too and he's linked to the owner/director.

OP posts:
dreamersdown · 03/04/2023 12:58

They skirt on the right side of the law by telling you that you have to use them in phone calls, and not writing that down. It makes my blood boil.

I recently had an “in house broker” (who was also showing people around houses?) tell me that as she was the person who put offers forward, we had to book an appt with her so that “all offers would be shown in the best light”. Despite the fact that my brother is a mortgage broker! She said that we had to have a 1hr appt with her so that we were on her “hot list” - I told her we’d just have to be on the lukewarm list instead, and dropped a note through the door of the seller telling them that their EA was behaving badly.

But at this point, we weren’t super keen on the house - it’s different if you love it. You could a) offer to put them in touch with your broker to validate your position, b) do the call and be SUPER SPECIFIC about your ceiling price?

Xarrie · 03/04/2023 13:01

Getting a MIP is needed before they'll accept any offers here