Proof of Finance - Tender

cbyr1983

Registered User
Messages
47
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