Hi I was advised to start a new thread with this so sorry if you've already seen...
Please excuse the liberal use of inverted commas in this post!!
I have just made an offer on a reposession property, and I was this morning called back by the agent (who also happens to be the agency's mortgage advisor. Bit of a conflict of interests in my book, as he knows exactly what I earn, can afford, and have in the bank, but what do I know, I'm only FSA registered!!).
The agent/mtg advisor has said to me this morning that the offer has been "provisionally accepted". What does that mean?
He then went on to say that the "corporate client", "would prefer" me to use HIM (ie this same mortgage advisor) for my mortgage, in order that they can keep up to date on the progress. Riiiiight.
He sort of implied that it would be in my interests to do this.
Then he said that if I did this, he would be able to stop anybody else viewing the property, (but it's a reposession, so the vendor would want to be open to offers right up to completion. Which again, as I see it, the further towards completion we get, the less they'll want to pull out anyway.)
I countered that as it is on sale with two agents, anybody who tries to view through this first agent, and gets turned away because of this "protection", will just tootle over the road to the second agent!
Am I missing something?
Should I be worried that something will be nudged towards falling through if I don't do as I'm told?
The two mortgage offers - the advisor's, and the one I've found, are very similar, except my one is fee free, but the agent's one comes with £600 of fees, plus the Mtg advisor's £400 fee.
Another thing I don't understand is, how has he not been able to provide me with this mortgage that I found myself? I thought they had access to everything. I suppose what I could do / even PREFER to do is get MY mortgage through him - ie, I get my lovely fee free mortgage, with only his advisory fee to pay in order that he smooths the transaction and stops other people viewing / making an offer / putting a horse's head in my bed... oh wait, sorry, got confused there.
Isn't that just a bribe / backhander???
UPDATE - TUES
Since then, the mortgage advisor's colleague advised me that another person outbid me and it would become a bidding war. I made one final offer, and then she came back to me and said that they were happy to accept my offer, but again stressed that if I went with their broker, they would "speak favourably" to the vendor about my situation to put them off the other guy.
Please excuse the liberal use of inverted commas in this post!!
I have just made an offer on a reposession property, and I was this morning called back by the agent (who also happens to be the agency's mortgage advisor. Bit of a conflict of interests in my book, as he knows exactly what I earn, can afford, and have in the bank, but what do I know, I'm only FSA registered!!).
The agent/mtg advisor has said to me this morning that the offer has been "provisionally accepted". What does that mean?
He then went on to say that the "corporate client", "would prefer" me to use HIM (ie this same mortgage advisor) for my mortgage, in order that they can keep up to date on the progress. Riiiiight.
He sort of implied that it would be in my interests to do this.
Then he said that if I did this, he would be able to stop anybody else viewing the property, (but it's a reposession, so the vendor would want to be open to offers right up to completion. Which again, as I see it, the further towards completion we get, the less they'll want to pull out anyway.)
I countered that as it is on sale with two agents, anybody who tries to view through this first agent, and gets turned away because of this "protection", will just tootle over the road to the second agent!
Am I missing something?
Should I be worried that something will be nudged towards falling through if I don't do as I'm told?
The two mortgage offers - the advisor's, and the one I've found, are very similar, except my one is fee free, but the agent's one comes with £600 of fees, plus the Mtg advisor's £400 fee.
Another thing I don't understand is, how has he not been able to provide me with this mortgage that I found myself? I thought they had access to everything. I suppose what I could do / even PREFER to do is get MY mortgage through him - ie, I get my lovely fee free mortgage, with only his advisory fee to pay in order that he smooths the transaction and stops other people viewing / making an offer / putting a horse's head in my bed... oh wait, sorry, got confused there.
Isn't that just a bribe / backhander???
UPDATE - TUES
Since then, the mortgage advisor's colleague advised me that another person outbid me and it would become a bidding war. I made one final offer, and then she came back to me and said that they were happy to accept my offer, but again stressed that if I went with their broker, they would "speak favourably" to the vendor about my situation to put them off the other guy.