Cash buyer & proof of funds?

Hombre Lobo

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?

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!

Michael D Not Higgins

Get your solicitor to write a proof of funds letter.

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.

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.

Hombre Lobo

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

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).

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.