EA asking for proof of funds

BailMeOut

In process of buying first home in Ireland. Mortgage covers about 60% of the house cost and the other 40% I am paying in cash. Bank have all this info and are happy I have funds in place.

Seller's EA just asked for proof of this 40% cash which I am not sure how I can prove as I certainly would not want to send them my current bank statement. Should the EA be asking for this and if normal what is a good way to show that I have this 40%?

ACADasltiv

Yes it’s normal and just black out anything you don’t want them to see before sending them the bank statement.

theteal

Yeah fairly normal. They're trying to negate the possibilities of the sale falling through. I remember sending a scan of a bank statement with most of it obscured.

BailMeOut

thank you but that really does not help as I'd need to black out the bank balance as would not want the EA/Seller knowing how much cash I have.

AvonEnniskerry

Could you get your bank to write a letter stating there are sufficient funds in the account for the amount needed. Or else a bank draft though I understand that this wouldn't be ideal.

Or else open a new account and transfer the required funds and give them that statement.
Or vice versa if they need an account with transactions visible then transfer the rest out of the account you need the statement for.

jimwallace197

BailMeOut wrote: »

thank you but that really does not help as I'd need to black out the bank balance as would not want the EA/Seller knowing how much cash I have.

Doesnt matter if they know how much cash you have. Mark a price in your mind of what you think the property is worth yourself and dont go over it. If they play games or try and get more out of you. Dont bite, simple.

Or alternatively, withdraw enough money from your account so that you are left with the balance that you offered for the property.

The EA needs to do this as there are a lot of timewasters out there making offers without being able to afford the property.

BailMeOut

thanks everyone. They just got back to me saying they will be ok with an email from mortgage broker saying I have everything in place so am good to go.

I live in a small town and rather not have the guy i see in pub (EA) knowing what I am worth!

handlemaster

BailMeOut wrote: »

In process of buying first home in Ireland. Mortgage covers about 60% of the house cost and the other 40% I am paying in cash. Bank have all this info and are happy I have funds in place.

Seller's EA just asked for proof of this 40% cash which I am not sure how I can prove as I certainly would not want to send them my current bank statement. Should the EA be asking for this and if normal what is a good way to show that I have this 40%?

bank statements, you can blank out our account number and those charges for the ladies of the night. The EA is only concerned if you are a genuine bidder and doesnt want to waste their time with tyre kickers

drunkmonkey

Are you over paying, was looking at a property 2 weeks ago and the bidding went nuts way over what it was worth, estate agent went and looked for proofs of funds off anyone still bidding and refused to take any more bids, he told me don't bother jumping in as the other bidders had lost their mind.

q85dw7osi4lebg

Your bank / solciitor / account will write a letter to say you are in funds to purchase at whatever the purchase price is.

It's common and the norm for this to be requested.

I just give bank statements as it's not exactly vitally private information, and they can't pass it on.

bri007

Was that in Dublin? Madness that people get caught up in a bidding war and get in over their heads!

drunkmonkey wrote: »

Are you over paying, was looking at a property 2 weeks ago and the bidding went nuts way over what it was worth, estate agent went and looked for proofs of funds off anyone still bidding and refused to take any more bids, he told me don't bother jumping in as the other bidders had lost their mind.

Phileas Frog

BailMeOut wrote: »

I live in a small town and rather not have the guy i see in pub (EA) knowing what I am worth!

Apart from when you have to pay this 40% cash?

q85dw7osi4lebg

BailMeOut wrote: »

I live in a small town and rather not have the guy i see in pub (EA) knowing what I am worth!

Don't worry they probably have more in their account :P

BailMeOut

drunkmonkey wrote: »

Are you over paying

no, quite the opposite and I have negotiated 20%+ off their asking.

Fol20

BailMeOut wrote: »

thank you but that really does not help as I'd need to black out the bank balance as would not want the EA/Seller knowing how much cash I have.

Show your solicitor the funds in your bank. They can then make out a letter stating that you have x funds.

BailMeOut

Fol20 wrote: »

Show your solicitor the funds in your bank. They can then make out a letter stating that you have x funds.

Thank you. As noted earlier my lender took care of the request sp am all sorted now and EA has no idea how minted I am!

Dolbhad

Jamison Breezy Eel wrote: »

Your bank / solciitor / account will write a letter to say you are in funds to purchase at whatever the purchase price is.

It's common and the norm for this to be requested.

I just give bank statements as it's not exactly vitally private information, and they can't pass it on.

I agree with this. You can have mortgage advisor, broker or solicitor confirm it. They probably need those documents anyway

august12

BailMeOut wrote:

Thank you. As noted earlier my lender took care of the request sp am all sorted now and EA has no idea how minted I am!

Stop bragging.

BailMeOut

august12 wrote: »

Stop bragging.

Wishful thinking!

Jellybaby1

BailMeOut wrote: »

In process of buying first home in Ireland. Mortgage covers about 60% of the house cost and the other 40% I am paying in cash. Bank have all this info and are happy I have funds in place.

Seller's EA just asked for proof of this 40% cash which I am not sure how I can prove as I certainly would not want to send them my current bank statement. Should the EA be asking for this and if normal what is a good way to show that I have this 40%?

I would say that a letter from your bank stating you can meet their requirements should be enough. I wouldn't give a bank statement to anyone, not even a redacted one.

tradesman

Follow Bertie Aherns lead....he never had a bank acvount & got on fine!