Proof of Finance - Tender

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cbyr1983

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Estate agent seeking proof of finance to accompany any bid on property.

What exactly would this ordinarily entail. The purchase would be financed by a combination of savings and mortgage.
 
Some evidence of savings and loan approval (at least in principle) I presume? Presumably they can clarify if you ask them?
 
That's more of a bargaining strategy question then I suppose? Do you feel lucky...? ;) Maybe show them loan approval (in principle if necessary) and assure them that you can cover the rest from savings without showing any evidence of that?
 
In this situation, as a broker what I'll do is write a letter confirming that we've arranged a mortgage for Mr & Mrs X which has been approved and that I've seen evidence that, between loan amount and other funds available to them, they have sufficient resources to complete a purchase at €Y.

From speaking with my clients, I'll make sure that €Y is the bid and no more. If I have to increase €Y in a subsequent letter to accomodate a higher bid, so be it.

Liam D. Ferguson
 
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