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05-06-2015, 09:06   #31
hognef
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how do i know the house is for sale or should i take his word for it? or does it only extend one way?
Or, how do I know you're able to sell at the agreed price? It may not be enough to clear the mortgage, so the bank might not allow it.

Should I ask for mortgage account statements?
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05-06-2015, 09:38   #32
freelancerTax
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Or, how do I know you're able to sell at the agreed price? It may not be enough to clear the mortgage, so the bank might not allow it.

Should I ask for mortgage account statements?
its funny i was bidding on another house and asked this exact question - i requested to know if the bank had given consent to sell - i was told nothing would be furnished untill sale agreed.
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05-06-2015, 11:53   #33
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Not sure if this has been said (I did scan read everything!) but it is taken as a given that you blank out how much you are approved for. It is totally the norm though and also means it is a bit more fair in that everyone who is bidding are actually ready to buy and there is isn't a bidder in the equation pushing everything up when they are not even in a position to buy to begin with.

All that is needed is a letter from bank/solicitor stating you have the funds or have been mortgaged approved.

This cuts out doing a deal and then finding out later that the bidder hasn't even applied for a mortgage yet or only has approval in principle etc.

Good luck!
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05-06-2015, 12:42   #34
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You mention that you are a cash buyer, ie you have said to him I'll cause you no hassle accept my offer and the sale will go ahead straight away no muss no fuss. You might not have said this but its implied when you say you are a cash buyer. Well he wants evidence of that. Perhaps the seller is considering accepting your bid ahead of a slightly higher one which is pending mortgage approval but feels there needs to be evidence. It happens often enough. I know you don't have a solicitor or an accountant in Ireland as of yet but either would be used to providing such letters on request. Might be a good idea to get a solicitor ahead of going sale agreed.

Best of luck.
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05-06-2015, 13:38   #35
Arbiter of Good Taste
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how do i know the house is for sale or should i take his word for it? or does it only extend one way?
Fine, don't comply. I'm sure there is someone else who will
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05-06-2015, 18:21   #36
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what are the implications oh wise one?
Drop the sarcasm.

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If you'd engaged your brain
Please do not post like this.

Do not reply to this post on-thread.

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Last edited by Victor; 05-06-2015 at 18:27.
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05-06-2015, 18:48   #37
hognef
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its funny i was bidding on another house and asked this exact question - i requested to know if the bank had given consent to sell - i was told nothing would be furnished untill sale agreed.
Yep, it does indeed only work one way, unfortunately... That's been my experience too. Everything appears to be in order, until things start to slow down and the EA eventually reveals that there's an issue with the bank, and weeks later again announces that the property has been withdrawn from the market. Happened to us a couple of times, which is why I started asking that question too (if nothing else than to make a point).
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05-06-2015, 19:01   #38
hognef
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Not sure if this has been said (I did scan read everything!) but it is taken as a given that you blank out how much you are approved for. It is totally the norm though and also means it is a bit more fair in that everyone who is bidding are actually ready to buy and there is isn't a bidder in the equation pushing everything up when they are not even in a position to buy to begin with.

All that is needed is a letter from bank/solicitor stating you have the funds or have been mortgaged approved.

This cuts out doing a deal and then finding out later that the bidder hasn't even applied for a mortgage yet or only has approval in principle etc.

Good luck!
What's needed is making an offer acceptance binding both for the seller and the buyer.

That'd force both parties to have everything ready up front, which in turn would force the EA, the banks and other stakeholders to have their stuff ready up front.
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05-06-2015, 19:18   #39
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turns out the ea didnt fully read any of my emails all clearly stating i am a cash buyer ( also told him in person when viewing )

he was looking for mortgage approval.

lol
thanks for suggestions

ft
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06-06-2015, 04:58   #40
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yep im aware that there would be others willing to do x, y and z -

i dont have an accountant in ireland anymore and have not got a solicitor yet, would get one as soon as an offer is accepted - i just dont see why i would need proof now as no offer is accepted. wont be showing them bank statements anyway
A receiver will not consider your offer until they see proof of funds, just the way it is.
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