Proof of funds on buying a property

Discussion in 'Other financial issues' started by Hayman, Sep 11, 2017.

  1. Hayman

    Hayman Registered User

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    18
    Hi, is it normal to be asked for proof of funds when purchasing a property? Im planning to be a cash buyer and have been asked for proof of funds (am bidding currently) but im not comfortable handing over my bank statements not to mention the cash is across a number of bank accounts. How have others dealt with this.
     
  2. RedOnion

    RedOnion Frequent Poster

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    Letter from your solicitor normally works - it's just to filter out time wasters. Just stating you have funds available to support your current bid.
    Never disclose the amount you have to an estate agent.
     
  3. noproblem

    noproblem Frequent Poster

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    When it comes to actually handing over the money for the property this will almost certainly come up with your solicitor/bank. It's all to do with money laundering checks that have been brought in. Nothing to worry about as long as you can account for the money.
     
  4. Hayman

    Hayman Registered User

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    Great, thank you
     
  5. Gordon Gekko

    Gordon Gekko Frequent Poster

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    No it's not.

    This is simply a way for Estate Agents to screen potential purchasers.

    In my experience, purchasers get a letter from their professional advisor confirming funds but avoiding specifics or they flat refuse.
     
  6. noproblem

    noproblem Frequent Poster

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    I wasn't talking about estate agents.
     
  7. Gordon Gekko

    Gordon Gekko Frequent Poster

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    The discussion is around "proof of funds" which is simply evidence that you have the cash to complete the transaction.

    You seem to be referring to "source of funds", although you never said so.

    I suspect that you just misread the OP's post.
     
  8. noproblem

    noproblem Frequent Poster

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    The bank will want to know where the funds came from and will ask. Don't see why you're being so finnicky.
     
  9. Gordon Gekko

    Gordon Gekko Frequent Poster

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    "This" being what exactly?

    What's being discussed is "proof of funds"; how exactly would "proof of funds" come up?

    You are referring to "source of funds". Proof of funds and source of funds are two entirely different things.
     
  10. SBarrett

    SBarrett Frequent Poster

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    2,234
    Gordon's correct on this one. Source of funds is an anti money laundering requirement. Proof of funds is for estate agents/ auctioneers to weed out the messers. Two completely different and unrelated things.


    Steven
    www.bluewaterfp.ie