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proof of funds

  • 15-01-2012 5:11pm
    #1
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭


    I will probably be putting a bid on a house that has a set closing date for bids this week.
    The auctioneer is looking for proof of funds available or mortgage approval in place to cut out time wasters.
    I will be a cash bidder but I don't want to show a bank statement that would exceed the asking price,
    I expect that there will be a final round of bidding between bids that are close.
    What would a letter from my bank-BOI-showing proof of funds available actually say?


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    You could just get a certificate of balance but again I'd be just showing your max asking price. Tbh I'd just tell him no, not like he will ignore you after all it's a hard time to sell houses etc.

    Can't believe it's a legal thing.


  • #3
    Paraic OMuir
    Registered Users, Registered Users 2 Posts: 9 ✭Paraic OMuir


    I think if you explained to him that you are a cash buyer and would like to keep your privacy regarding your overall funds that should be more than acceptable.


  • #4
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭housetypeb


    The sellers are only considering cash bidders or mortgage approved as they are motivated to sell -executors sale-and don't want go sale agreed just to see the sale fall through a couple of months down the road.
    In the end I transferred money online from one account to another to the exact asking price of the house in question, copied and pasted that with my low ball bid and that was proof enough for the auctioneer.


  • #5
    The Irish Riddler
    Registered Users, Registered Users 2 Posts: 221 ✭✭The Irish Riddler


    Was the house advertised on daft or myhome?


  • #6
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭housetypeb


    Yes,It was advertised on daft at a high price, then dropped 100k and a closing
    date for offers was added.
    My bid was around 33% below the new asking price but I have been outbid by 5k as of now, I'm not intending to go higher as I bid what it was worth to me, no point of having a bidding war in a recession .
    Some you win -some you lose.


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