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Cash buyer & proof of funds?

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  • 21-07-2015 12:03pm
    #1
    Hombre Lobo
    Registered Users Posts: 265 ✭✭


    I wondering if anyone has experience with a cash purchase?

    I'm interested in a property that I can afford in cash but I haven't put in a bid yet. I wanted to seek a proof of funds amount before I went ahead with the offer in case I'll be asked for it anyway.

    I don't want to show my entire cash fund to the EA if it's asked so I called my bank to see if they could issue a letter to say I have X amount of funds available.
    My bank told me they can't issue a letter saying I only have X amount of funds available. All they can do is issue a statement for my accounts.

    Have I gotten bad advice from my bank or this is just the way it is?


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    #2
    ionapaul
    Registered Users Posts: 5,297 ✭✭✭ionapaul


    Think the best way might be to engage your solicitor now, show him the statements and then have him draw up an open-ended/no specifics "I confirm that my client has sufficient funds to purchase this property without requiring a mortgage" letter for each property IF you are asked to provide one. Don't think you need to get this sorted in advance of viewing/making an offer, but be ready to provide it if the EA asks. Never show them your total balance, obviously!


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    #3
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Get your solicitor to write a proof of funds letter.


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    #4
    sami2015
    Registered Users Posts: 27 ✭sami2015


    I once had an EA tell me that "it's best to get a letter showing your full mortgage approval so that we can save time"..... I was quite shocked and beat a hasty retreat once he told me that of course he would know that I would only bid what I thought the place was worth rather than the max that I could afford.

    I have subsequently used a letter from a solicitor when asked to provide proof of funding.


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    #5
    macnug
    Registered Users Posts: 619 ✭✭✭macnug


    Bought a house cash two years ago. I did show the ea a bank statement but only after it was sale agreed. I think the solicitor letter is a better idea in hindsight though.


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    #6
    Hombre Lobo
    Registered Users Posts: 265 ✭✭Hombre Lobo


    Thanks everyone. It seems a solicitors letter is the general consensus


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    #7
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Alternatively- a bank's letter- with the actual amounts redacted (and then photocopy the redacted letter- so there is no possibility of the EA figuring your means).


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    #8
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    My bank wrote a letter confirming that I had sufficient funds to cover a payment of €x when I had more than €x available. I wonder if your difficulty is that you wanted the bank to say or imply that you had "only" a certain amount.


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