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Estate Agent - Proof for Offer

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  • 05-02-2019 6:52pm
    #1
    smurfette2212
    Registered Users Posts: 186 ✭✭


    I've had a search, and can't find a recent thread, but please feel free to close if I have missed one.

    We are considering making an offer on a property, and the estate agent has asked either for bank statements or the approval in principle letter from the bank to accompany the offer.

    I completely understand that they may not wish to entertain offers from people not yet approved by the bank, but surely sharing this information puts the seller and the estate agent at a huge advantage, if they know how much you could feasibly pay? I know you aren't obliged to offer all you have, but if they know that "another offer" could encourage you to go higher, why wouldn't they try?

    I was thinking to send the letter, but with the figures redacted, but I don't know if that will suffice.

    Has anyone encountered this before, and what have you done?

    Thanks!


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    #2
    Goose76
    Registered Users Posts: 252 ✭✭Goose76


    Approval in principle with figures redacted worked for us - we put bids in with three different agents and all accepted it.


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    #3
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Letter with redacted figures is usually sufficient.


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    #4
    smurfette2212
    Registered Users Posts: 186 ✭✭smurfette2212


    Thank you both! I had hoped it would be sufficient, so we'll give it a try.


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    #5
    mugsymugsy
    Registered Users Posts: 1,569 ✭✭✭mugsymugsy


    smurfette2212 wrote: »
    Thank you both! I had hoped it would be sufficient, so we'll give it a try.

    Estate agent should no questions accept with a mortgage approval blanked out.

    If it's not then state you can get a signed letter from your solicitor each time you make a bid which states you have sufficient funds to that level and say they can pay for each one.


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    #6
    Charlie
    Registered Users Posts: 9,810 ✭✭✭Charlie


    Had this recently. Just got my solicitor to write a one line letter that we had sufficient funds to support our bid.


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    #7
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    We were recently bidding on a property. The EA asked us if we had Approval in principle. We said yes. They didn't ask for proof. If they had, I would've sent it with redacted figures.


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