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FTB- Qualification by estate agent

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  • FTB- Qualification by estate agent


    First post and first time buyer. I have a few questions.

    I have been looking for a year and seen a number of properties. Now one has come up in the area I really want to live in. It is a repossession and the estate agent has submitted my offer (and confirmed in writing to me). However he has come back to say the repo company insist that I be "qualified" by the estate agent to confirm my status to buy. Is this normal?

    I already have a mortgage advisor/fsa (pretty much from the beginning) who is aware of my financial stuation and needs and has a mortgage offer in place for me (and is holding the documents the lender will ask for when I proceed). Is this not enough for the repo company? The agent knows this. Is it a stealth tactic by the EA to obtain information from me to push me to do everything in house?

    As an aside, another branch of the same agency tried the same thing last year when I put in a low offer on another property. I did go reluctantly and was with their guy for all of 5 minutes giving hardly any info before being told I was qualified. In comparison, my FSa talked to me for nearly 2 hours before doing anything else.

    Alarm bells are ringing. Can anyone advise?

  • #2
    Re: FTB- Qualification by estate agent

    Hi Darren,

    Has the estate agent told you what being qualified is?

    Repossession properties are owned by banks who wish to sell quickly. Normally that means they need to know you can complete quickly so may ask some question related to that...

    Kind Regards,
    Randeep Mann

    Want to Rent or Sell quickly? I can help.
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    • #3
      Re: FTB- Qualification by estate agent

      Yes this is normal. The repo companies insist that agents confirm that buyers are actually in a position to proceed


      • #4
        Re: FTB- Qualification by estate agent

        Thanks guys. I'll make an appointment then.