Coronis Real Estate Agents asking for Veda Check before submitting offers
- Thread starter Rolf Latham
- Start date
Contact the vendor directly and advise their agent isn't working in their best interest.
Coronis have obviously thought about ways to reduce their time and energy dealing with unqualified buyers and decided to blanket this policy. They can choose to run their business how they see fit but is so very typical of agents who think they understand the finance market when they don't. What about people with bad credit history who CAN get a loan? Did they think about that?
If only buyers had the same luxury and didn't have to deal with ****** **** agencies like this.
If only buyers had the same luxury and didn't have to deal with ****** **** agencies like this.
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And Agents never pass information onto their vendors, do they?
Really?
Seems that you're wrong.
Oh well, it must be true.
No arguments here.
If anybody wishes to make an offer on a Coronis listing and does not wish to do a credit check and you have been blocked from making an offer on a property please email [email protected] and notify me as this is not policy. We will work to ensure your offer is processed.
All of them SHOULD be. I would like to investigate this as this is not the policy of the company. There is no mandate to insist upon Veda checks. Which office/s have you dealt with and which agents?
I can confirm that it is certainly not mandatory at any office. Some agents will prefer to conduct them but if they are doing so by insisting it's compulsory then they are doing so without approval. You are more than welcome to submit offers without a credit check and I would encourage you to email me at [email protected] with the name of the agent if you are told otherwise by anybody.
I would disagree. I believe that it's most certainly in the vendors best interests for an agent to screen buyers for legitimacy and any agent or vendor who has gone through having a contract fall over because finance wasn't approved would likely agree. Receiving a free credit report as a buyer should also be a handy thing to have no? If you already have pre-approval or have your own credit report you wouldn't need this, and let me reiterate that it is not mandatory anyway.
From my limited understanding, our enquiries are of the "File Access" type, of which the specifics are only viewable by the accessing party (Coronis Financial Services) and the recipient of the report. I am informed that no lenders or other third parties can view the specifics of such a credit enquiry. It may affect your overall Veda score slightly but I am still in discussions with Veda about whether the impact is entirely negative or whether it is dependent upon your existing credit score.
An offer from a buyer with a sound credit history intending to purchase through finance will be looked upon more favourably than one from a buyer with a less than sound credit history looking to purchase through finance or by someone who flatly refuses a credit check. That's simply logic.
If you intend to purchase in cash that's a whole different kettle of fish. Of course a cash buyer will be given high regard.
The only information the agent receives is whether or not Coronis Financial Services deems them suitable for finance, which assumes that other lenders would also. If you have a $30,000 credit card bill it will be kept between Coronis Financial Services and the buyer. If you don't wish for that information to be divulged to anybody then refuse the credit report and make your offer as it's not mandatory.
Ultimately, this service is offered, not insisted upon, so that vendor and buyer alike can be confident that any offer made is bonafide and ensure that nobody goes through the frustration of a contract fallover because of failure to receive approval on finance.
All of them SHOULD be. I would like to investigate this as this is not the policy of the company. There is no mandate to insist upon Veda checks. Which office/s have you dealt with and which agents?
I can confirm that it is certainly not mandatory at any office. Some agents will prefer to conduct them but if they are doing so by insisting it's compulsory then they are doing so without approval. You are more than welcome to submit offers without a credit check and I would encourage you to email me at [email protected] with the name of the agent if you are told otherwise by anybody.
I would disagree. I believe that it's most certainly in the vendors best interests for an agent to screen buyers for legitimacy and any agent or vendor who has gone through having a contract fall over because finance wasn't approved would likely agree. Receiving a free credit report as a buyer should also be a handy thing to have no? If you already have pre-approval or have your own credit report you wouldn't need this, and let me reiterate that it is not mandatory anyway.
From my limited understanding, our enquiries are of the "File Access" type, of which the specifics are only viewable by the accessing party (Coronis Financial Services) and the recipient of the report. I am informed that no lenders or other third parties can view the specifics of such a credit enquiry. It may affect your overall Veda score slightly but I am still in discussions with Veda about whether the impact is entirely negative or whether it is dependent upon your existing credit score.
An offer from a buyer with a sound credit history intending to purchase through finance will be looked upon more favourably than one from a buyer with a less than sound credit history looking to purchase through finance or by someone who flatly refuses a credit check. That's simply logic.
If you intend to purchase in cash that's a whole different kettle of fish. Of course a cash buyer will be given high regard.
The only information the agent receives is whether or not Coronis Financial Services deems them suitable for finance, which assumes that other lenders would also. If you have a $30,000 credit card bill it will be kept between Coronis Financial Services and the buyer. If you don't wish for that information to be divulged to anybody then refuse the credit report and make your offer as it's not mandatory.
Ultimately, this service is offered, not insisted upon, so that vendor and buyer alike can be confident that any offer made is bonafide and ensure that nobody goes through the frustration of a contract fallover because of failure to receive approval on finance.
First you say your actions won't affect the Veda score at all, now you concede it may impact "slightly".
Which is it?
Or in some cases could the impact be even more?
I suggest your office does some thorough investigation so that you can present the correct facts rather than conflicting opinions.
Marg
A few points :
1) Any credit check has a negative impact.
2) Agent receiving the credit check wouldn't know how to read it anyway so it's mostly pointless, because
a) How does an agent who isn't trained in finance know if it's good or bad?
b) If it has lots of bad stuff on it, how do you know if they're good for finance anyways because they have a mortgage broker who knows which lenders he can utilise for their clients circumstances.
c) If it has lots of good stuff on it, how do you know if the person has a suitable income, mountain loads of other debt or liabilities?
3) It's an invasion of privacy and is grounds for anyone here to blacklist your agency's listings. Not that the agents respond anyway, but still.
It's just way easier to avoid your agency. Why on earth would I choose to deal with a company that wants to employ these kinds of tactics.If anybody wishes to make an offer on a Coronis listing and does not wish to do a credit check and you have been blocked from making an offer on a property please email [email protected] and notify me as this is not policy. We will work to ensure your offer is processed.
Apart from my reasons above, it is none of your damn business to check into my credit file. That is personal information that nobody other than those who HAVE to know, have a right to access.
Poppycock!
Personally, I trust the finance guys on this forum, people who deal with finance every day of the week, rather than a Real Estate Admin guy who has 'limited understanding'.
A signed unconditional contract is all I need.
So, you take matters into your own hands and 'deem' whether or not someone is suitable for finance. Sorry, that's unacceptable to me. You are Real Estate Agents, not Brokers. What criteria do you use to 'deem' someone as suitable for finance?
You do realise, don't you, that finance is not the only thing that can make a contract fall over. There's plenty of other reasons as well, and even with a credit check it can STILL fall over due to failure of finance.
lol Skater
Next thing you won't be able to put offer in unless you go through their in house Broker.
LOL! I can see it now.
How is it logic to assume that a person who refuses a credit check is a lesser quality buyer than one that's ok with it? The first may be a seasoned investor who doesn't want unnecessary hits in their credit rating and the second may be a nervous first time buyer who pulls out anyway? And for finance, I reckon most deals would fall over due to bad Val's rather than a purchaser's poor credit. That can't be determined via a Veda check.
Joe well done on having the decency to come onto these forums and reply to a lot of these posts. I definitely respect you for this and admire the professionalism in how you have responded.
That being said one big gripe I have is in regards to your above statement and that is that YOUR brokers are the ones making these assumptions. With all do respect to your team I am extremely confident the brokers on this forum would run rings around your team of brokers.
So the issue I have is that if YOUR team of brokers think the buyer has an unsuitable credit file then they will relay this information to the agent who will immediately disregard the buyer. Say what you will about "That's not acceptable and what not", but I guarantee if the agent has 10 emails in his/her inbox, Joe Bloggs with the poor credit history is getting seen to dead last, if at all.
And what if the buyer wanted to go through someone like Pepper? I dare say your team does not have the best interest of the buyer at heart. They will look at the credit file, see blemishes and be like "NEXT". A good broker will actually sit with the client and understand their credit file and then make decisions based upon this.
Personally I think this is a dodgy tactic allowing you to weed out the less than perfect buyers who under the correct guidance could get a home loan just as much as the next person with a blemish free one.
Or could be the foot in the door tactic? Once buyer sent all those details in, they're more involved and likely want to bid more for the property
Dinging their credit file every time? Great.
Hi Marg. Thank you for the question.
I am in contact with Veda to clarify this as we speak. Apologies if I was initially in error.
Hi there D.T.
Please be assured that no credit report is conducted without the express written consent of the person and as I've said they aren't mandatory. There is no invasion of privacy. If privacy is a concern you aren't required to provide a report. Each agent is different when it comes to asking for one, and how much stock they put in it so speak with the agent on a case by case basis.
Also please note that the agent doesn't receive the credit report so they don't need to read it. I'm not across the specifics. I would encourage you to speak to one of the brokers at your local Coronis office. I'm happy to give you a contact there if you wish to discuss this with someone much more knowledgeable on the subject than I.
Hi Skater,
Our brokers are the ones who analyse the reports, not our agents.
Skater, why on Earth would you want to avoid us!? We're doing great things.
We are on a massive push to improve customer service. Did you know that you can now rate our agents and property managers on our website? Once an agent receives 10 ratings their rating is visible right on their profile. Our agents and property managers are more accountable than any of our competitors. That's just the tip of the ice berg. Our full property services proposition is for the betterment of our customers and we have many extremely happy customers to show for it. I'd be happy to send you some testimonials via email if you like? To post here would be gloating.
Hi Beachgurl,
In the case of someone who refuses a credit check, has a good credit history, doesn't have their own copy of a credit report and/or doesn't buy in cash I would agree there is no way to identify whether they are more suitable than someone who allows us to view their credit report. Of course business decisions are generally made based on commonality not outlying occurrences.
You're welcome albanga. Thank you for the compliment.
To start, I'll back our brokers. They do fantastic work and have many happy customers. Would you like to meet one? I'm sure they'd be more than happy to have a chat with you and you can get to know them. Our brokers are excellent.
I think you might have the order of things a little bit misaligned. By the time the buyer is asked for a credit report they're going to have already spoken with the agent and will have seen the property.
I'm genuinely yet to hear of a single issue and I am the member of the team that handles all the digital feedback and complaints. Did you know that we've been doing this for a year now and have had zero complaints? All the issues being raised in this thread are entirely hypothetical and haven't come up once yet in the year we've been requesting Veda checks.
Yep, "Oh my gerd, they just ding my credit. I better get this property or there will be more dings"
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