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Which offices are willing to present offers without the Veda check? The office I dealt was non negotiable on this.
The information isn't provided to the vendor, it's provided to the agent.
As I said, it's not mandatory. As a vendor, you can simply tell your agent not to do it. As a buyer, you can simply tell the agent you don't want to do it. No harm done.
Seems that you're wrong.Which offices are willing to present offers without the Veda check? The office I dealt was non negotiable on this.
Oh well, it must be true.I can only reiterate what the director of financial services has told me which is that our Veda enquiries do not leave a negative footprint.
What a ridiculous idea!
Which offices are willing to present offers without the Veda check? The office I dealt was non negotiable on this.
Contact the vendor directly and advise their agent isn't working in their best interest.
In which case, by your own admission, your offer won't be looked upon as well as someone who does supply the credit check, so why would you bother?
And Agents never pass information onto their vendors, do they?
It may affect your overall Veda score slightly ....
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.
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.
Poppycock!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.
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'.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.
A signed unconditional contract is all I need.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.
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?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.
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
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.
lol Skater
Next thing you won't be able to put offer in unless you go through their in house Broker.
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.
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
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.
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?
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.
Dinging their credit file every time? Great.