Proof of funds to estate agent when bidding

elcato

Moderator
Messages
4,014
So the EA is making it a requirement to bidders to ensure people are serious. What exactly passes as proof of funds ? Does the buyer need to show a full up to date bank statement ? I would imagine they would not be got that handy. Would a printout of online accounts (assuming the funds are scattered to avoid going over 100k) suffice ? Would a statement dated within the last three months suffice ? I am aware that you would not show any transactions or indeed no more than you have bid in the statements/proof. Is there an obvious handy way of doing this that I'm missing ?
 
I had to provide proof of funds and the EA I dealt with accepted a copy of a recent statement, which I emailed to him.

Not sure if it varies from Agent to Agent as to what they will accept, you'd need to ask yours.
 
I don't like the sound of that. I'd be willing to provide a mortgage approval letter with the amount redacted but if I was a cash buyer I'd probably only consider providing proof of funds on foot of going sale agreed.
 
Getting very common now, it is a good thing, if you are uncomfortable get a letter from your Bank indicating that you have €x funds available rather than producing a statement, do not overstate it, just what you require.
 
Getting very common now, it is a good thing, if you are uncomfortable get a letter from your Bank indicating that you have €x funds available rather than producing a statement, do not overstate it, just what you require.

While I disagree with the idea of giving an EA such personal info, PR's idea of the bank letter is a better option as a bank statement is just that, a balance as at, which the other half could plough through in an afternoon's shopping:)
The EA's accepting a bank statement shows they don't under stand the reality here
 
The EA's accepting a bank statement shows they don't under stand the reality here
To be fair, I suspect it's a kinda 'Call my bluff' for the bidder. I'm sure there are people out there who just look and bid in loads of places and this just makes sure they are serious.
 
I don't like the sound of that. I'd be willing to provide a mortgage approval letter with the amount redacted but if I was a cash buyer I'd probably only consider providing proof of funds on foot of going sale agreed.

I agree there should be no need for them to know your business on your account, but nothing wrong with being asked to prove you have the money, by a simple bank statement showing just the balance on the account.
 
Probably a stunt used to get the better of greenhorns. The last thing a prospective buyer should do is reveal to the selling team how much funds are available.
 
As a potential vendor, I disagree. I don't need tyre kickers putting in a bid when there may be qualified (as in able and ready to buy) purchasers in the lineup.
 
Plenty of tyre kickers amongst the market sellers too. Just keep a few balls in the air and you'll be grand.
Bound to be a few instances of these tyre kickers driving the sale price up. Who needs ghost bidders, eh?
 
It's not wise to show your bank balance as it shows how much you have and can affect further bidding. We used our broker to confirm to EA that we had necessary funds without revealing how much we had.
 
Back
Top