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Bidding on a property: Showing proof of funds to auctioneer

  • 25-07-2017 12:47pm
    #1
    Richards1983
    Registered Users, Registered Users 2 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 for as I don't want the auctioneer to know that I can go higher than my initial bid. They have replied saying that they need to see that number in order to take my bid. I don't want to provide them with that as I'm bidding below the asking price. 

    Therefore, what should I provide them with? Or, what's the normal process here?

    Thanks,
    Con


Comments

  • #2
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    You can show them or say no. They can accept your bid or not. I'm afraid that's the game I'm afraid.

    The other option is get a letter with the amount you're bidding on it and get another one if it goes up.


  • #3
    Browney7
    Registered Users, Registered Users 2 Posts: 3,100 ✭✭✭Browney7


    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 for as I don't want the auctioneer to know that I can go higher than my initial bid. They have replied saying that they need to see that number in order to take my bid. I don't want to provide them with that as I'm bidding below the asking price. 

    Therefore, what should I provide them with? Or, what's the normal process here?

    Thanks,
    Con

    A Letter from solicitor confirming adequate funds for bid but do not cite the actual number


  • #4
    Richards1983
    Registered Users, Registered Users 2 Posts: 171 ✭✭Richards1983


    Thanks a lot Samuel and Browney -- really appreciate the insight.

    Seems absolutely nuts to me to provide the auctioneer with your potential max bid.


  • #5
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Richards1983 wrote: »
    Thanks a lot Samuel and Browney -- really appreciate the insight.

    Seems absolutely nuts to me to provide the auctioneer with your potential max bid.

    It just reinforces that you should set yourself a max on the house and stick to it. One of two things happen - there is an actual higher bid or they the higher bid disappears and they revert to you at which point you may have decided to come down 5 grand.

    Again all part of the game I'm afraid.


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