A CHANGE of my previous ADVICE for BUYERS.

My livestream yesterday with former agent and mortgage broker Ash Borland has prompted a rethink on an important topic: Using in house brokers and revealing your full budget.
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[@annieanonymous611]

Hi Charlie. I disagree with your very initial point. When you call up and the estate agent asks if you are interested in talking to their in house mortgage adviser, instead of going into the fact there could be a conflict of interest (which would offend them and you need them on side) I always say, 'I'm ok thank you. I have a brilliant independent mortgage broker I'm really happy with so thank you for the offer, but I'm ok' and it shuts them up. Also, I've never given my budget to an estate agent after seeing Phil Spencer (sorry to mention him lol) say that you shouldn't tell an EA what your budget is because they aren't working for you they are working to get the most for the seller and I think this is correct. So when they ask me my budget on the phone, I always say I'm looking at houses up to X amount (I used to say I can't tell you what my budget is as you work for seller not for me which so offended one agent he refused to show me any houses!) which is always way above my budget but gives me scope to put an offer in at a lower price - particularly if it needs work. It seems to work. I'm getting good at talking around estate agents questions now and moving the subject on.

[@Vintaronica]

Anyone who didn’t think this didn’t happen is ignorant of the general concept of “captured custom”. Been going on for years, the whole thing is rotten to the core.

[@vickyb481]

Penny dropped here too. As a cash buyer some EAs were not as keen to show me their properties as I had expected them to be. Now I see why.... no mortgage to make money from. It makes me wonder if some of my offers were never passed on too... very worrying...

[@aidanapword]

If I reveal my max budget to the estate agent because I want my offer to be "deemed" to be "more proceedable" (or even just "proceedable") in order to be ahead of the "pack" of buyers/bidders/offerers - got to remember that I only have the estate agent's allegation that i am indeed competing with multiple buyers.

[@paulshinh4334]

Never 100% revel your finances to anyone ever only the budget for the house you like

[@gavinward3176]

I know you're not a fan but the only way to sort this out is proper regulation, like solicitors and accountants. It's the most important purchase someone will make, the parties involved shouldn't be exploited!

[@BobClements-wy7mc]

What you need to understand, is that in these cases, they are not working for the buyer OR seller. Both are working for the corporation with the agenda of maximising their profit from the sale.

[@andymaidment111]

Not always the case for smaller agents. Defo the way to go these days. Rightmove has helped massively in this regard.

[@debsc8377]

If an agent refused to show me a property i wanted, i would knock the sellers door and ask to view. I f i wanted to buy i would offer directly and they would avoid agency fees as the agency refused to shiw me property

[@g.p616]

If an agent refuses to allow a buyer ( who has demonstrated they are proceed-able with a lender AIP and proof of funds) to view a property that is proof of the Agent being in breach of contract with the seller. So why not approach the seller directly, bypassing the agent to save the seller money?!!

[@Leapops]

Sincere kudos to you for changing your mind in light of listening and understanding other points of view.

[@ruth1231]

I've been open about my budget but dig my heels in when I've been asked to increase an offer. I tell them my work is precarious right now, which it is, so I've no intention of over-extending myself. Plus my age - I sometimes mention that too.

[@SUSSYMEMES]

Very interesting you say this. I'm first time buyer to be soon. Starting conversations with estate agents, and all of them have offered me in house brokers( unsurprisingly) but I've so far tried to temper their expectations. I have an independent broker in mind who I will be going to first before anyone else. I've had initial chat with my preffered broker and the estate agents have been just tryin to direct me towards properties I'm not satisfied with and that I personally feel are overvalued. To give context for example: imagine I say my budget is roughly 400k. They are sending me properties listed for 375k that in my opinion should be below 350k. Whereas I'm more interested in looking at properties that are above 400k that have been up for a while so that I can put in a more appealing offer from my end.

[@ynwa5xinistanbul]

Charlie i made an enquiry for a land plot for a self build and the agent never returned my multiple contacts. I phoned twice, made an enquiry via rightmove & emailed the admin officer 3 times. It made me suspicious, why would they market a plot & then not respond to an enquiry. I’ve never had any contact with them previously so they know nothing about me or my circumstances. I would never use them or have anything to do with them again now.

[@RR-mt2wp]

I remember not even getting to view a house, that was for sale by an Estate agent. I thought they wanted as many views as possible ?.

[@villageintheshire]

Question for Charlie: what should I do if I'm a cash buyer, wanting to view a property, but not wanting the agent to know what my budget is. How do I prove I'm ready to proceed given I won't be using a mortgage broker? Tku

[@aidanapword]

16m28s - Charlie is working out just how deep the rabbit hole of duplicity actually is ...

[@spencer2721]

What do you think of an housing association flat sales person (not the estate agent) telling me I had to buy 75% of a shared ownership flat rather than the 25% I originally wanted to buy when I let them know my savings and financial position? Were they doing it just to get their commission up? This happened on flat I bought, it would be much easier to get rid off if I only had bought 25%. Do you think I would have grounds for a complaint, it happened a few years ago now.

[@miriamllamas224]

In Spain agents charge 3% to both buyer and seller. So, who are they servicing? 😢

[@user-ek2ui4sv9c]

Never reveal the maximum amount you can go to, keep your guard up at all times.