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EA vetting

  • 15-06-2016 7:21pm
    #1
    T-Maxx
    Registered Users, Registered Users 2 Posts: 3,209 ✭✭✭


    Estate agents are supposed to vet bidders to a certain extent, culminating in a proper due diligence prior to recommending to the seller to accept an offer and go sale agreed.

    My question is this; what reassurance do I have as buyer that the bidders I'm up against have been adequately vetted and that they're in fact good for the amount they're offering? It just seem too easy to be pushing a price with no accountability.


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,190 ✭✭✭✭L1011


    T-Maxx wrote: »
    My question is this; what reassurance do I have as buyer that the bidders I'm up against have been adequately vetted and that they're in fact good for the amount they're offering? It just seem too easy to be pushing a price with no accountability.

    Very little. It is incredibly stupid on the part of a buyer to let an EA know their hand beyond "I have a mortgage approval" or "I have an approval for this bid" - agents that try weasel full data out of people are usually untrustworthy and the standard recommendation is for the buyer to walk away.

    People can be approved for an amount for not on that specific house; or have given mistaken info, or downright lied on the application so even an approval letter does not guarantee they can draw down.


  • #3
    CaoimheSquee
    Registered Users, Registered Users 2 Posts: 359 ✭✭CaoimheSquee


    On how much they are vetting you.

    Are they not accepting bids without written mortgage approval (with amount blanked out of course) or solicitor or bank letter confirming proof of funds?
    If they are doing it to you then you can be pretty sure they are doing it with everyone else.

    In the bigger branches and brands it would just be company practice anyway.
    All their bids go into an offer log which would be regularly audited by a compliance department to make sure it complies to regulator requirements.

    Hope that helps. I am sure with more rural offices it could be a different story but if you feel you are being diddled then get the PRSA to investigate.


  • #4
    carfax
    Registered Users, Registered Users 2 Posts: 3,771 ✭✭✭carfax


    L1011 wrote: »
    Very little. It is incredibly stupid on the part of a buyer to let an EA know their hand beyond "I have a mortgage approval" or "I have an approval for this bid" - agents that try weasel full data out of people are usually untrustworthy and the standard recommendation is for the buyer to walk away.

    I don't understand your reasoning on this tbh. I'm an EA and I generally ask as many questions as possible about a buyer's position. The reason is that I want the eventual "winner" of the bidding process to actually follow through on the sale so that the owner receives a reliable service and knows how serious the buyer is before accepting an offer.

    I've been on the other end of this when bidding on a home to buy and my wife and I have rarely been asked any questions at all, which means we could potentially be bidding against all sorts of messers.


  • #5
    mugsymugsy
    Registered Users, Registered Users 2 Posts: 1,569 ✭✭✭mugsymugsy


    I think the key point here is as long as the end when the bids have moved up 'the winner' is all set to go. If the others who bumped it up are not the EA doesn't care. 'the winner' does care because they have been bidding against someone who was never in a position to go through with the sale and may have paid x more than they had too!


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