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Showing proof of funds to auctioneer

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  • 25-07-2017 1:45pm
    #1
    Richards1983
    Registered Users Posts: 171 ✭✭


    Hi all,
    I'm currently bidding on a property. I'm a mortgaged bidder. The auctioneer asked for proof of funds so I send along my letter of Approval in Principle (from BOI). However, I blotted out the amount I'm approved from as I don't want the auctioneer to know that I can go higher than my bid. They have replied that they need to see that number in order to take my bid. I don't want to give that.
    Therefore, what should I provide them with? Or, what's the normal process here? 
    Thanks,
    Con


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    #2
    JimmyMW
    Registered Users Posts: 695 ✭✭✭JimmyMW


    Richards1983 wrote: »
    Hi all,
    I'm currently bidding on a property. I'm a mortgaged bidder. The auctioneer asked for proof of funds so I send along my letter of Approval in Principle (from BOI). However, I blotted out the amount I'm approved from as I don't want the auctioneer to know that I can go higher than my bid. They have replied that they need to see that number in order to take my bid. I don't want to give that.
    Therefore, what should I provide them with? Or, what's the normal process here? 
    Thanks,
    Con

    Get your solicitor to issue a letter stating that the funds provided by yourself along with the amount you are approved for from a mortgage, covers the bid of €xxxxxx that you have placed, if they wont accept that tell them you will be lodging a complaint to the PSRA. Do not show them your full capacity.


  • Options
    #3
    Richards1983
    Registered Users Posts: 171 ✭✭Richards1983


    Thanks JimmyMW -- solid advice.


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