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proof of funds to bid?

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  • 04-06-2015 9:15pm
    #1
    freelancerTax
    Registered Users Posts: 391 ✭✭


    hi
    bidding on a house and ea has come back saying i need to provide proof of finance to show to the reciever. is this normal for a property in recievership?

    i am a cash buyer and have told him so... is it just me or would it be insane if hes asking to see my bank statements..lol


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    #2
    Atlantic Dawn
    Registered Users Posts: 81,115 ✭✭✭✭Atlantic Dawn
    M


    If he knows how much you have to bid he will know how much to ask, it's like playing poker and showing the player your against your hand before be plays.


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    #3
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Atlantic Dawn wrote: »
    If he knows how much you have to bid he will know how much to ask, it's like playing poker and showing the player your against your hand before be plays.

    yep thats exactly what i thought, i have no intention of showing some EA my bank statements btw, he can keep the house in that case. just wondering is it normal for properties handled by a reciever?


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    #4
    CBFi
    Registered Users Posts: 439 ✭✭CBFi


    This can happen with estate agents for a straight forward sale too. For a cash buyer, a letter from your solicitor stating that you have the cash in place to purchase should suffice without stating the amount.


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    #5
    bulleyes
    Registered Users Posts: 99 ✭✭bulleyes


    I'm currently buying a property thats in recivership and EA needed proof of funds for reciver. Cash buyers only due to issues with management co. A quick email from my accountant simply saying bulleyes has funds available to purchase property was suffcent.

    I would never show bank statements to an EA. Your bank account is none of their business.


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    #6
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    freelancerTax wrote: »
    hi
    bidding on a house and ea has come back saying i need to provide proof of finance to show to the reciever. is this normal for a property in recievership?

    i am a cash buyer and have told him so... is it just me or would it be insane if hes asking to see my bank statements..lol

    Why not ask the estate agent what qualifies as proof of funds rather than Boards.ie?


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    #7
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Barely Hedged wrote: »
    Why not ask the estate agent what qualifies as proof of funds rather than Boards.ie?

    i already have but he's hardly goin to answer at This time of night is he? hard enough to get a response from them during business hours.

    if you dont like the thread feel free not to read or post silly comments


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    #8
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    freelancerTax wrote: »
    i already have but he's hardly goin to answer at This time of night is he? hard enough to get a response from them during business hours.

    if you dont like the thread feel free not to read or post silly comments

    You were talking to him/her at some stage if they told you. Would be a fairly obvious question to ask if you didn't know?

    Why carry out a large financial transaction if you don't know the implications of it. Seems bizarre behaviour to me


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    #9
    markpb
    Registered Users Posts: 9,250 ✭✭✭markpb


    bulleyes wrote: »
    Cash buyers only due to issues with management co.

    What?


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    #10
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    It's alight saying I'm not doing X or Y and Z is no one's business but if you're not prepared to play ball there will probably be half a dozen bidders that are so bear that in mind.


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    #11
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    markpb wrote: »
    What?

    I'd there are issues with the management company, banks won't give mortgages as far as I know. Think it's to do with ownership of management company.


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    #12
    markpb
    Registered Users Posts: 9,250 ✭✭✭markpb


    quadrifoglio verde wrote: »
    I'd there are issues with the management company, banks won't give mortgages as far as I know. Think it's to do with ownership of management company.

    If there are issues with the OMC that scare the banks, I'd be very wary about buying a property there.


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    #13
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Barely Hedged wrote: »
    You were talking to him/her at some stage if they told you. Would be a fairly obvious question to ask if you didn't know?

    Why carry out a large financial transaction if you don't know the implications of it. Seems bizarre behaviour to me

    i love all the assumtions here.

    i didnt talk to him he emailed me a 20:30 to update me - i emailed back almost right away to ask him what he wanted as proof of funds.

    what are the implications oh wise one?


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    #14
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    MarkAnthony wrote: »
    It's alight saying I'm not doing X or Y and Z is no one's business but if you're not prepared to play ball there will probably be half a dozen bidders that are so bear that in mind.

    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 :)


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    #15
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    freelancerTax wrote: »
    i love all the assumtions here.

    i didnt talk to him he emailed me a 20:30 to update me - i emailed back almost right away to ask him what he wanted as proof of funds.

    what are the implications oh wise one?

    You didn't provide any of the details initially that you just have now. What else do you expect a person on an internet forum to do but make assumptions unless the details are presented explicitly?

    The obvious answer is to engage an independent third party to act as a "guarantor". If you'd engaged your brain, you might have just realised this


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    #16
    pickyb
    Registered Users Posts: 6 ✭pickyb


    i sold my house recently! and this is the norm.. it is so easy to bid on a home so therfor they want proof that you are a serious buyer - a letter/email from the solicitor should do the trick! goodluck


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    #17
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    pickyb wrote: »
    i sold my house recently! and this is the norm.. it is so easy to bid on a home so therfor they want proof that you are a serious buyer - a letter/email from the solicitor should do the trick! goodluck


    thanks for the info

    i guess i will look into that in the morning

    thanks to all the helpful posts
    ft


  • Options
    #18
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Barely Hedged wrote: »
    You didn't provide any of the details initially that you just have now. What else do you expect a person on an internet forum to do but make assumptions unless the details are presented explicitly?

    so if i dont know the answer i should ask (which i did btw, and also asked here for peoples opininos) but if you dont know the answer you should assume.... double standards much?
    Barely Hedged wrote: »
    The obvious answer is to engage an independent third party to act as a "guarantor". If you'd engaged your brain, you might have just realised this

    that doesnt answer my question - what are the implications of carrying out a large financial transaction?

    why would i need a guarantor? - isnt that somone who will service my debt if i dont?


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    #19
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    freelancerTax wrote: »
    so if i dont know the answer i should ask (which i did btw, and also asked here for peoples opininos) but if you dont know the answer you should assume.... double standards much?



    that doesnt answer my question - what are the implications of carrying out a large financial transaction?

    why would i need a guarantor? - isnt that somone who will service my debt if i dont?

    I didn't assume anything. I answered based on the scenario you presented initially. You then at a later time presented additional information and then retrospectively suggested that I assumed based on this new information. How am I supposed to know what the full scenario is on an internet forum if you don't present the full facts initially?

    A guarantor provides an independent source of verification of your credit worthiness. They don't need to service your debt if you default, per se


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    #20
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Barely Hedged wrote: »
    I didn't assume anything. I answered based on the scenario you presented initially. You then at a later time presented additional information and then retrospectively suggested that I assumed based on this new information. How am I supposed to know what the full scenario is on an internet forum if you don't present the full facts initially?

    A guarantor provides an independent source of verification of your credit worthiness. They don't need to service your debt if you default, per se

    you did assume though you assumed i had not already asked the ea.

    anyway thanks for explaining the gaurantor to me.
    i have my brain engaged now

    what are the implications of carrying out a large financial transaction so i can understand why im a silly billy?


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    #21
    Barely Hedged
    Closed Accounts Posts: 992 ✭✭✭Barely Hedged


    freelancerTax wrote: »
    you did assume though you assumed i had not already asked the ea.

    anyway thanks for explaining the gaurantor to me.
    i have my brain engaged now

    what are the implications of carrying out a large financial transaction so i can understand why im a silly billy?

    But I didn't assume anything because you didn't present the full facts. When you post, particularly an opening post, on an internet forum how do you expect people to interpret your post? An opening post is considered to be the full story then a discussion ensues based on it.

    The implications are you get shafted for more money than you would have paid otherwise because of your naivety


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    #22
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Barely Hedged wrote: »
    But I didn't assume anything because you didn't present the full facts. When you post, particularly an opening post, on an internet forum how do you expect people to interpret your post? An opening post is considered to be the full story then a discussion ensues based on it.

    The implications are you get shafted for more money than you would have paid otherwise because of your naivety

    ^^ again with the assumptions


    im sorry i didnt post up to your very high standards. ill try harder next time.

    you did assume i hadnt asked the ea already otherwise why would you have posted telling me i should ask him.

    anyway i dont see why you are posting here you clearly dont want to help and just want to try to throw thinly veiled insults at me.


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    #23
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    freelancerTax wrote: »
    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 :)

    Because people make stupid offers they cant fund and then the process has to start over. It's fairly common for the EA to ask you to prove you can fund the offer your making, especially where receivers are concerned as they may have a specific requirement.

    I've never understood the issue with showing bank statements, with the required data protection etc. Maybe it's an Irish thing. Personally I couldn't give a rats behind if someone sees my subscription to a dirty website or my mobile costs €30 a month.


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    #24
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    MarkAnthony wrote: »
    Because people make stupid offers they cant fund and then the process has to start over. It's fairly common for the EA to ask you to prove you can fund the offer your making, especially where receivers are concerned as they may have a specific requirement.

    I've never understood the issue with showing bank statements, with the required data protection etc. Maybe it's an Irish thing. Personally I couldn't give a rats behind if someone sees my subscription to a dirty website or my mobile costs €30 a month.

    yep i agree people make stupid offers but usually they are people who seek a mortgage i would guess? i have the cash, but i get your point - there are messers out there.


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    #25
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,465 Mod ✭✭✭✭johnnyskeleton


    bulleyes wrote: »
    I'm currently buying a property thats in recivership and EA needed proof of funds for reciver. Cash buyers only due to issues with management co.

    Danger Will Robinson!


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    #26
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,465 Mod ✭✭✭✭johnnyskeleton


    MarkAnthony wrote: »
    Because people make stupid offers they cant fund and then the process has to start over. It's fairly common for the EA to ask you to prove you can fund the offer your making, especially where receivers are concerned as they may have a specific requirement.

    I've never understood the issue with showing bank statements, with the required data protection etc. Maybe it's an Irish thing. Personally I couldn't give a rats behind if someone sees my subscription to a dirty website or my mobile costs €30 a month.

    Its the fact that my current bid is say 210k but i have 250k in the bank that i dont want to disclose. If i do that, its like going into a negotiation saying im offering X but i am able to pay x+y.

    As an aside, do people still pay for pornography these days?


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    #27
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    freelancerTax wrote: »
    hi
    bidding on a house and ea has come back saying i need to provide proof of finance to show to the reciever. is this normal for a property in recievership?

    i am a cash buyer and have told him so... is it just me or would it be insane if hes asking to see my bank statements..lol

    This is normal. There's alot of jokers out there


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    #28
    Arbiter of Good Taste
    Registered Users Posts: 2,200 ✭✭✭Arbiter of Good Taste


    freelancerTax wrote: »
    yep i agree people make stupid offers but usually they are people who seek a mortgage i would guess? i have the cash, but i get your point - there are messers out there.

    How does the EA know you have the cash unless he's psychic? Or is he just supposed to take your word for it? :rolleyes:

    Of course they are going to ask for some sort of proof.


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    #29
    freelancerTax
    Registered Users Posts: 391 ✭✭freelancerTax


    Arbiter of Good Taste wrote: »
    How does the EA know you have the cash unless he's psychic? Or is he just supposed to take your word for it? :rolleyes:

    Of course they are going to ask for some sort of proof.

    how do i know the house is for sale or should i take his word for it? or does it only extend one way?


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    #30
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    johnnyskeleton wrote: »
    Its the fact that my current bid is say 210k but i have 250k in the bank that i dont want to disclose. If i do that, its like going into a negotiation saying im offering X but i am able to pay x+y....
    Your bank can write a letter to confirm that you have funds in place to cover your bid of €210k. Bank staff are used to situations like yours, where their customers have good reason to limit the amount of information provided.


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    #31
    hognef
    Registered Users Posts: 826 ✭✭✭hognef


    freelancerTax wrote: »
    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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