Showing proof of funds to auctioneer

Richards1983 · 25-07-2017 01:45PM #1

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 from as I don't want the auctioneer to know that I can go higher than my bid. They have replied that they need to see that number in order to take my bid. I don't want to give that.
Therefore, what should I provide them with? Or, what's the normal process here?
Thanks,
Con

JimmyMW · 25-07-2017 01:55PM

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 from as I don't want the auctioneer to know that I can go higher than my bid. They have replied that they need to see that number in order to take my bid. I don't want to give that.
Therefore, what should I provide them with? Or, what's the normal process here?
Thanks,
Con

Get your solicitor to issue a letter stating that the funds provided by yourself along with the amount you are approved for from a mortgage, covers the bid of €xxxxxx that you have placed, if they wont accept that tell them you will be lodging a complaint to the PSRA. Do not show them your full capacity.

Richards1983 · 25-07-2017 02:06PM

Thanks JimmyMW -- solid advice.

Showing proof of funds to auctioneer

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