Dealing with Estate Agents

[scotal]

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

[scotal]

n1ckm said:

You have to look at this from the sellers perspective. If you were a seller, wouldn't you want to know that the person making the offer was in a financial position to proceed ? Speaking to the agent's financial advisor shouldn't obligate you to arrange your mortgage with them.

No it shouldn't, but mortgage advisors are adept at tying in clients.....

[fulham911club]

hornetrider said:

Rags said:

hornetrider said:

Whatever you do, never tell them your budget. Merely tell them what type of house you're looking for.

What so they waste your time sending you houses that you may like, but will in no way, shape or form be able to afford.

Fantastic Plan!

Um, forgive me if this is rocket science.

Price is dictated (generally) by size, square footage, bedrooms, location. If having done your research on rightmove, you know that in your desired area you can only afford a 3 bed semi, say, tell them that's what you're looking for.

If you say that your maximum budget is X, you'd better believe they will be telling the vendors what your max budget is when you put in a pisstake offer.

You don't live in London do you? Say you want a 3 bed-room house in Fulham. The price could be anywhere from £750k to £1.75mm depending on the location. So budget really does matter.

[sleep envy]

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

[hornetrider]

No, no I don't

In our neck of the woods all decent 4 bed detached are in the same-ish price bracket.

OK - give them a ballpark figure then. The worst thing you can do is get a mortgage through an in-house advisor - they know exactly how much you can spend!

[okgo]

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

[scotal]

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

No, that will alrady have been sorted, as will commission from their pet conveyancer.

[chris_w]

fulham911club said:

Say you want a 3 bed-room house in Fulham. The price could be anywhere from £750k to £1.75mm depending on the location.

You're still on '07 prices I'm afraid - there are three beds houses (not maisonettes) on at mid 500's now. Our three bed maisonette started viewings today, on at 465.

Not disputing your point about budget though but I would add that any buyer should ask to see stuff above their budget as some/many sellers haven't yet reduced their asking prices to reflect the true state of the market.

[sleep envy]

scotal said:

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

No, that will alrady have been sorted, as will commission from their pet conveyancer.

I wonder what brown envelope and xmas lunch will be like this year?

[scotal]

sleep envy said:

I wonder what brown envelope and xmas lunch will be like this year?

Somewhat slim I expect.

[rah1888]

scotal said:

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

No, that will alrady have been sorted, as will commission from their pet conveyancer.

I must be doing something wrong! Having worked as an EA for over 10 years, I have yet to be offered any sort of commission by a solicitor.

The odd lunch yes, but proper pund notes never

Any advice gratefully received!

[scotal]

rah1888 said:

scotal said:

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

No, that will alrady have been sorted, as will commission from their pet conveyancer.

I must be doing something wrong! Having worked as an EA for over 10 years, I have yet to be offered any sort of commission by a solicitor.

The odd lunch yes, but proper pund notes never

Any advice gratefully received!

Really? but you, as a firm, have law firms you recommend?

[sleep envy]

rah1888 said:

I must be doing something wrong! Having worked as an EA for over 10 years, I have yet to be offered any sort of commission by a solicitor.

The odd lunch yes, but proper pund notes never

Any advice gratefully received!

do you have a pedestal draw especially for probates?

[rah1888]

scotal said:

rah1888 said:

scotal said:

sleep envy said:

scotal said:

Coco H said:

I think you have to be honest about what you want and say you are absolutely not interested in anything that varies from those criteria.

On the mortgage advisor front thing - we have one to sell and one of the National agents we saw last week told me that all buyers have to speak to their man to prove they have the money /mortgage in place before they put an offer in. Is this really correct - do they really want to see your bank balances?

You dont have to speak to any mortgage advisor you don't wish to. Thye are simpy trying to force buyers to use their brokerage and get the commission from it.

I would not see a statement like that from an EA as a positive. I would see that as a real negative.

you know they'd be divvying up the com over the photocopier in the back office

No, that will alrady have been sorted, as will commission from their pet conveyancer.

I must be doing something wrong! Having worked as an EA for over 10 years, I have yet to be offered any sort of commission by a solicitor.

The odd lunch yes, but proper pund notes never

Any advice gratefully received!

Really? but you, as a firm, have law firms you recommend?

We do, but we recommend particular firms because they are quick to act and keep us informed during the transaction, not because they pay for referrals.

[scotal]

rah1888 said:

We do, but we recommend particular firms because they are quick to act and keep us informed during the transaction, not because they pay for referrals.

1. You are a paragon of virtue compared to most agents.
2. Are you sure that no comm is being passed over?

[okgo]

scotal said:

rah1888 said:

We do, but we recommend particular firms because they are quick to act and keep us informed during the transaction, not because they pay for referrals.

1. You are a paragon of virtue compared to most agents.
2. Are you sure that no comm is being passed over?

Its fairly common for the agent to not get paid unless they actually go through said firm..

Its hardly a sinister occurrence is it?

[rah1888]

scotal said:

rah1888 said:

We do, but we recommend particular firms because they are quick to act and keep us informed during the transaction, not because they pay for referrals.

1. You are a paragon of virtue compared to most agents.
2. Are you sure that no comm is being passed over?

1. Thank you!
2. Positive. I am also equally certain that no comm was received from solicitors at my previous firm.

To clarify, I am not doubting that it occurs, but I do not believe it is as widespread as many believe.

Countrywide (Mann & Co, Bairstow Eves, Gpees etc) have Countrywide Property Lawyers (CPL) who they HAVE to refer to, but we are a small, privately owned firm and have never been offered financial inducements from solicitors to promote their services.

[okgo]

Rah, each company I have worked for do get paid on it, so I would think infact you are in the minority, Hamptons, Knight Frank, Foxtons all get paid on it.

[Adam B]

n1ckm said:

You have to look at this from the sellers perspective. If you were a seller, wouldn't you want to know that the person making the offer was in a financial position to proceed ? Speaking to the agent's financial advisor shouldn't obligate you to arrange your mortgage with them.

tell them to FO, I have bought and sold in SW London 5 times now and never been asked for this by any agent

most I have done is stated my equity/mortgage mix and in a couple of cases shown them my mortgage offer (never let them photocopy), agents are more nervous now because borrowers are agreeing loans and then pulling them afterwards but that is all they should need

OP - whereabouts in SW London?

[scotal]

rah1888 said:

scotal said:

rah1888 said:

We do, but we recommend particular firms because they are quick to act and keep us informed during the transaction, not because they pay for referrals.

1. You are a paragon of virtue compared to most agents.
2. Are you sure that no comm is being passed over?

1. Thank you!
2. Positive. I am also equally certain that no comm was received from solicitors at my previous firm.

To clarify, I am not doubting that it occurs, but I do not believe it is as widespread as many believe.

Countrywide (Mann & Co, Bairstow Eves, Gpees etc) have Countrywide Property Lawyers (CPL) who they HAVE to refer to, but we are a small, privately owned firm and have never been offered financial inducements from solicitors to promote their services.

We're a small privately owned firm as well..... the agency side has agreements with sols. Local,decent firms as it happens.
The office we worked in before was part of Team, they get paid for referrals, by conveyancing sheds.
All the little groups around here have either got agreements with local agents or agreemnts with the big firms.