Estate Agents over nosy

I hope you told them to piss off.

I suppose they can ask whatever they like. You don't have to answer of course. If they won't proceed, then contact the vendor directly and let him know you want to buy but the estate agent is being an asshole.

Gareth

The estate agent is bound by law to pass on all the enquiries he receives.

DG

yeh!, so?

tim

but according to surveys this doesn't always happen

and how do you tell?

tim

No law to stop him asking. No law to make you answer. No law to make the vendor accept your offer.

Rob Graham

I don't believe that's correct. They're only bound to pass on offers, under the Estate Agents Act 1979.

Evidence of abuse of this can be reported to Trading Standards

In article , Len writes

Len,

I am an estate agent and you would not believe the number of people who make offers for properties without either having the money, or being able to get it.

A mortgage broker's answer is often not worth a bean, as we have all been misled, (possibly naievely, or in ignorance of some of the borrowers circumstances), by brokers.

If I ask a "purchaser" for proof of their funds, and they refuse to give it, my experience suggests that there is a strong chance that they dont have it, or that they are going to be a difficult purchaser, or both.

I would strongly recommend that you cooperate as best you can with the agent/s. There are several ways in which an offer can be put to a client ranging from:

This seems like a fabulous offer, from a great purchaser

to

here is an offer, but we have our doubts about their ability to arrange the finance.

You would be close to the latter if you refused to help me to help you.

Hello Richard

I have no problem telling them how much, where it is and showing pass book but I do object to the idea of being asked my income. Is this latter aspect something an agent would normally ask?

Len

"Len" wrote

Embarrassed that you earn too much? Just say to the agent: "more than you mate! - by the way, how much do *you* earn?" !!

I wonder how many estate agents would be happy to "swap info" - ie tell you

In article , Len writes

Len,

In short, Yes.

We have a responsibility to assess a purchasers financial position when putting an offer forwards, so any questions which we feel are appropriate to the individual case, are appropriate.

I have had people make me offers of £60,000 for a property and, when I ask "How much deposit do you have?", Answer "£5,000". "How much do you earn?", Answer "£10,000".

I get to know immediately that her offer was not worth a carrot, or requires more investigation.

When this happens time, after time, ad nauseum, asking someones income becomes almost automatic.

Why do you feel that you want to keep your income private in this instant?

In article , Tim writes

If I am buying a house, it is either for cash, or with a non status loan, so I will show the agent the bank statement which has the cash in it, either for the whole thing, or for the 15% deposit. If they ask my income, I dont actually know for the current year, but I can give them a best guess, along with what my accounts say for the previous few years.

I have absolutely no problem with telling an estate agent I want to buy a house from, anything at all about my finances if they ask.

"Richard Faulkner" wrote

Richard, I probably wasn't clear enough! I'm not talking about when you are *buying* a house.

When you are *selling* houses, as an estate agent yourself, if someone asked you what your income was when you had asked them the same question, would you tell them when they tell you? ["swap info"]

I want to keep it private as I see it has nothing to do with them if a local well established broker verifies direct with them that the finance will NOT be a problem.

Len

In article , Tim writes

No! Why should I? - my income is not relevant to their ability to buy a house, whereas their income probably is. If it isnt, I am open to an explanation - like a non status mortgage.

In article , Len writes

Len,

Ultimately it is up to you what you tell them, up to them how they report your offer, and up to the vendor whether they accept.

In article , Tiddy Ogg writes

Tiddy,

Actually, any fly boy can still set up as an estate agent.

I dont owe any duty of confidentiality to a purchaser per se, but the Data Protection act carries certain restrictions.

The dilemma is somewhat Catch 22. The fact is that we can never know, (until we are let down, or a sale proceeds), if a buyer is for real or not. In fact many buyers dont actually know that they are misleading us as they are somewhat naieve regarding the process and the requirements.

In reality, we use our judgement in deciding how to recommend an offer to a vendor. In reaching the judgement call, we ask a series of questions, the answers to which, and the manner of the answers, help us to form a judgement. One of these questions relates to income in most cases, and the answer to the question will be put in the "judgement pot". There is nothing scientific about it, and each estate agent will have their own way.

All I am saying is that, based on 16 years ofexperience, if I ask someone for their income, and the answer does not roll off their tongue, it flags up a question mark that there there is a chance that something not quite right. There will be exceptions to "the rule", but if we treated everyone as the exception, we would be let down many times.

Depends on the circumstances - most times we would say that we have seen proof of sufficient monies in an account to support the offer, and/or, that we are satisfied that the income is enough to support the mortgage application.

However, there have been occassions when a vendor client insists on seeing the information before agreeing to proceed with a particular offer. In these instances, we would seek the permission of the purchaser to disclose the info, or provide copies of documents.

I have seen some buyers lose really good deals through a reluctance to either provide the info, or allow it to be disclosed.

Usually no skin off my nose in the scheme of things.

"Richard Faulkner" wrote

Hmmm - thought so!

Seriously, I expect that the OP may be feeling much the same way. If he easily earns enough to afford the mortgage, what does it matter to you whether he earns just 5,000 per year over what he needs for the mortgage, or if he earns 50,000 per year (or more!) extra??

"Richard Faulkner" wrote

Well, they *could* say that your income is relevant to the asking price of the house - eg they might think that if you "earn a lot" then the house may have been overpriced in order for the vendor to pay your high fee? Or the fact that if you earn a lot, it may indicate that you are extremely good at your job, ie of selling houses for as much as possible for the vendor - hence again that it might have been put on at a high asking price for what it is?

"Richard Faulkner" wrote

It may not "roll off their tongue" for the same reason as *you* would not answer *them*, if they asked you for your income at the same time as you asked them!