Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Estate Agent wants bank to confirm funds

Options
  • 30-07-2016 1:28pm
    #1
    RandomAccess
    Registered Users Posts: 1,830 ✭✭✭


    Hi,
    we are currently the highest bidder on a property and the estate agent has requested that we provide proof of finance.

    We mailed the bank manager about the request mentioning the specific offer amount.

    Our bank manager contacted him by email to confirm we have finance in place.

    The EA then asked if it covered a specific amount (our bid) which we had previously put in a mail directly to our bank manager.

    Our bank manager says this is highly unusual and said we would need to submit this to the bank in writing.

    I don't really think it is that unusual.. who is right? We have bid on properties before but never got to a sale agreed state as yet.

    We are stuck in no man's land now, so would appreciate opinions.


Comments

  • Options
    #2
    Berserker
    Closed Accounts Posts: 9,046 ✭✭✭Berserker


    RandomAccess wrote: »
    The EA then asked if it covered a specific amount (our bid) which we had previously put in a mail directly to our bank manager.

    Our bank manager says this is highly unusual and said we would need to submit this to the bank in writing.

    I don't really think it is that unusual.. who is right? We have bid on properties before but never got to a sale agreed state as yet.

    We are stuck in no man's land now, so would appreciate opinions.

    It depends on the property you are trying to purchase. I know some people who have had to provide proof of finance but they were purchasing houses for one million euro and upwards.


  • Options
    #3
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    This if fairly normal practise now. It's to weed out the genuine offers as a lot of people make offers without finance in place


  • Options
    #4
    markpb
    Registered Users Posts: 9,309 ✭✭✭markpb


    matt-dublin wrote:
    This if fairly normal practise now. It's to weed out the genuine offers as a lot of people make offers without finance in place

    Berserker wrote:
    It depends on the property you are trying to purchase. I know some people who have had to provide proof of finance but they were purchasing houses for one million euro and upwards.

    Everyone I know who has bought a house in the last few years has been asked for proof of funds. And none of them were buying million euro pads.


  • Options
    #5
    RandomAccess
    Registered Users Posts: 1,830 ✭✭✭RandomAccess


    matt-dublin wrote: »
    This if fairly normal practise now. It's to weed out the genuine offers as a lot of people make offers without finance in place

    That's what I thought. Groan..


  • Options
    #6
    hobochris
    Registered Users Posts: 2,164 ✭✭✭hobochris


    matt-dublin wrote: »
    This if fairly normal practise now. It's to weed out the genuine offers as a lot of people make offers without finance in place

    Is this not the job of the solicitor?


  • Advertisement
  • Options
    #7
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    get bank manager to write back that funds are available to meet the offer. Dont specify what you have been approved for.


  • Options
    #8
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    hobochris wrote: »
    matt-dublin wrote: »
    This if fairly normal practise now. It's to weed out the genuine offers as a lot of people make offers without finance in place

    Is this not the job of the solicitor?
    The job of the solicitor is to transfer the property ownership and make sure there's no legal issues or land registration issues throughout the transfer.

    Solictitor has nothing to do with finances in place.

    What happens a lot at the moment is young couples go and view houses and start throwing offers in without even consulting a lender or not having proper savings in place.

    Mainly done to try and grab a property before someone with finance in place does or due to bad financial education.

    The job of the agent is to ensure that the offer is a genuine and valid offer. Once finance has been confirmed a deposit can be taken and then refereed to solicitor for drafting contracts.

    We've been through it twice where offers have been made by people with absolutely no finance in place (not even AIP) and when they go for approval they've been rejected based on the new rules.

    The problem with these bum offers, even if they can secure finance it extends the term of sale. While they're off chasing their loan approvals you could have sold to someone else and issued contracts as it can take up to 6 weeks for mortgage AIP.


  • Options
    #9
    RandomAccess
    Registered Users Posts: 1,830 ✭✭✭RandomAccess


    I was just saying to the other half that bids should have to be submitted through a bank portal site.

    It would ensure you have sufficient funds and finance available before submitting a bid notification.

    This would ensure all bidders are real and have finance in place. It would prevent you from issuing a bid outside of your means.

    Beneficial to buyers, sellers, reputable estate agents.


Advertisement