Coronis Real Estate Agents asking for Veda Check before submitting offers

R

Rolf Latham

Talk about stoopid and no idea of impact on credit files

For an agency which are somewhat a stand out, this seems like a really silly idea

Imagine ......... 4 offers 4 credit enquiries.......... no property

ta
rolf


As discussed attached are the documents you need to complete to submit a formal offer for the above property. Also have attached the credit check which needs your signature at the bottom with a copy of your licence both front and back.

Form 8
Sign first page under your name and date.

Contract initial the bottom of every page
Page 3 at the top where it says purchase price write your offer.
Page 5 Needs full signature and witness

I look forward to trying to help you buy this property. If you have any questions call me on
 
I suspect they're hunting for leads for their internal finance people. After a couple of false starts, people won't get finance approval at all.
 
First option would be to refuse, if that meant losing a great deal I'd simply get them to punch my name into RPData/Pricefinder and show to them how many investment properties I own and the cash flow associated with that. If that didn't satisfy them, I'd shrug my shoulders and walk away.
 
I just backed out of a property listed with them. I was just going to be money partner but my friend was told she had to agree to a credit check before they would consider the offer. I question this and the agent mumbled something about making sure the purchaser was genuine (I thought a signed contract would indicate that) and was worthy of having an offer presented to the vendor.
 
When I was hunting in Brisbane (end up buying Adel instead) i started to avoid anything listed by a Coronis agent. The various properties i inquired about, the agents all gave me the impression they were using some dodgy practices.
 
Id put a comment on their face book page if I was on face book. They really are over stepping the mark here. This kind of thing really pisses me off!!
 
Interesting... I was thinking of listing with them but had no idea they were doing that. Nothing mentioned in paperwork.
 
It took my Buyer's Agent about a week to get in contact with one of their agents for a property I was interested in. I'd be really angry if I had my property listed with them.
 
It is easy to do a credit check without leaving a hit on someone's credit file, the check is invisible, i do it all the time in some of the business's I am involved in ( Not NPB) it is all how you enter the enquiry into veda.

Having said that there is no way I would give my details to an agent to allow them to do a check on me, what a joke!!

Given the credit reports I have seen on some agents what about turning the tables and saying sure but first asking them to allow you to do a check on them to ensure you are dealing with a reputable agent :):)
 
So what happens if your credit file is trashed for some reason, but you were planning on paying in cash?

Cash isn't accepted anymore? Pretty certain theres a law about that.
 
I just received a hand written note in the mail from a Coronis agent informing me they had quality tenants that may be interested in renting my property.

Bit cheeky.
 
It's none of there business, I understand they don't want tire kickers but I would be put off from proceeding with an offer
 
Hi there,

My name's Joe and I'm the member of the Coronis team who trawls through the internet looking for conversations to join about Coronis. :D

I just wanted to clarify a few details about how/why we do the Veda checks.

To start with, they are not mandatory. Some of our agents strongly encourage buyers to get Veda checks, not so much to weed out "tyre kickers" but more so because it positions the offer much stronger with the vendor. If there are multiple offers on a property, a strong credit file effectively positions you as a cash buyer.

We do not provide a copy, or any specific information, of the credit check to the agent or vendor. We DO provide a copy to the buyer free of charge. The information provided to the agent is a simple "good or not so good" and the way they proceed is up to the discretion of vendor and agent.

As far as having a poor credit file and intending to pay in cash, as I said these are not mandatory so simply mentioning that to the agent would encourage them not to push for getting one.

As NPB said, there are most definitely ways to run these checks without it having a negative impact on your credit file.

Please be assured that we don't do this for lead gen or other assorted nefarious purposes. If a potential buyer is at the stage of making an offer they are already well and truly past the point of "lead gen" as our finance department engage with customers at the buyer enquiry stage. We simply offer this as a service to strengthen offers for the benefit of agents, vendors and buyers alike.

Some Coronis agents use it more than others. Let me reiterate that it is not mandated throughout the company, although the agents have the discretion ultimately as to how they use the service.

If you're thinking of listing with us and have concerns about credit checking buyers, discuss it with your agent first.

Ultimately since it doesn't infringe on your credit report anyway, if you have a good credit history you have nothing to worry about. If you do and you're a cash buyer, you can just not to do it. Any situation outside of those two, well you're probably not going to be in the market for a property are you?

I hope that clears things up!
 
Hooray said:
No, that doesn't make sense. They still need a mortgage. What's a 'cash buyer'? As opposed to what? They'll do it by barter?
Click to expand...

In the mind of the agent and vendor you are effectively as valid as a cash buyer in this case.

As in, someone who has the entire amount available to them to purchase the property credit free. Our brokers look at the Veda file, and can make assumption as to the likelihood of your offer being approved by a financial institution and indicate to the agent as much. This positions you on par with cash buyers.
 
Coronis said:
I hope that clears things up!
Click to expand...

perhaps the forms need a small change .....................

authorise and appoint each of CMF and CFS to collect information about me for the purposes of
assisting me with loan arrangements including but not limited to obtaining:
(a) on my behalf, credit reporting information about me from credit reporting bodies
(b) such as Dun & Bradstreet,Veda Advantage or Experian and Credit Services including
for the purposes of s20R of the Privacy Act;
(c) any information held about me by a commercial credit reporting bureau;
(d) on my behalf, credit eligibility information held about from credit providers including
for the purposes of s21T of the Privacy Act
(e) any other information held about me or my loan or deposit accounts with a credit
provider or authorised deposit taking institution;
(f) information about me held by my accountants, financial advisors, solicitors or other
professional advisors including information about my income and taxation affairs; and
(g) personal information from my employer including payslips or other evidence relating
to my income;
and by signing this request that each person holding such information provide it to CMF and CFS
promptly upon being requested to do so. I also confirm that I have authorised CMF and CFS to act as
my agent for requesting access to information about me on my behalf under Australian Privacy
Principle 12.
Optional ? Tick the box below if you are an existing client of CFP and agree to CMF collecting
information from CFP.
□ ? I authorise CFS and CMF to collect any information held about me by CFP from CFP.
Sign here to give the authorities and consents in this Part A.



PART A ? CONSENT AND AUTHORITY ? CORONIS MORTGAGE AND FINANCE (CMF),
CORONIS FINANCIAL SERVICES (CFS) & CORONIS FINANCIAL PLANNING (CFP)
 
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