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Cash Offer

wibble68_2
wibble68_2 Posts: 176 Forumite
in House buying, renting & selling
Hi,

Have put in a cash offer on a house. The estate agent phoned up and
said that if the offer was accepted that he would like to see proof of funds.

Is this standard practice or are they taking the p***.

Cheers

Wibble
«1

Comments

  • RetroBob
    RetroBob Posts: 171 Forumite
    Interesting, not sure if it was outright rejected per se. Would it be too much of a problem to show a couple of bank statements with your name/address on and account number blacked out?

    Would love to be cash buyer :)
  • chickmug
    chickmug Posts: 3,279 Forumite
    wibble68 wrote: »
    Hi,

    Have put in a cash offer on a house. The estate agent phoned up and
    said that if the offer was accepted that he would like to see proof of funds.

    Is this standard practice or are they taking the p***.

    Cheers

    Wibble

    If you were the seller wouldn't you want your EA to get this proof. I would. Yes it is absolutely normal for a good EA.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • Saver-Rob
    Saver-Rob Posts: 570 Forumite
    Mortgage-free Glee!
    When I was considering making an offer the agent wanted to see a letter from my BS stating I had a mortgage approved in principle and also some proof of funds as my deposit. Thats my own experience.
  • chickmug
    chickmug Posts: 3,279 Forumite
    Saver-Rob wrote: »
    When I was considering making an offer the agent wanted to see a letter from my BS stating I had a mortgage approved in principle and also some proof of funds as my deposit. Thats my own experience.

    Good to hear an agent doing their job properly.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • iwantbargains
    iwantbargains Posts: 15 Forumite
    chickmug wrote: »
    Good to hear an agent doing their job properly.

    Let's be honest they don't have that much to do at the moment!:D
    We are always in it but the depth varies!:D
  • pinkshoes
    pinkshoes Posts: 20,593 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    wibble68 wrote: »
    Hi,

    Have put in a cash offer on a house. The estate agent phoned up and
    said that if the offer was accepted that he would like to see proof of funds.

    Is this standard practice or are they taking the p***.

    Cheers

    Wibble

    Sellers often accept lower offers from "cash" buyers as the sale will move quickly, hence a good EA will want to verify that you are indeed a cash buyer.

    Quite a few people confuse being first time buyers (i.e no chain) with being a cash buyer (i.e. ££££££s in the bank!), and thus we get some frustrated sellers on here saying their cash buyer is now requiring a mortgage, and are rather annoyed with their EA for not checking!

    Likewise, it's now a good idea for an EA to check that the applicant has also got an mortgage in place!
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • wibble68_2
    wibble68_2 Posts: 176 Forumite
    Thanks for the replies.

    I will take in statements with the account numbers blacked out as suggested.
  • Swipe
    Swipe Posts: 5,704 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Proof of cash funds is normal these days. What do you think they'll do with your account numbers? Pay money into your account?
  • wibble68_2
    wibble68_2 Posts: 176 Forumite
    Swipe wrote: »
    What do you think they'll do with your account numbers? Pay money into your account?

    Point taken.
  • ciano125
    ciano125 Posts: 492 Forumite
    Part of the Furniture Combo Breaker
    If you have offered say £100k for the house, but you have £120k in your account, and you show the EA this, they'll tell their clients that you can afford more, no doubt about it. Take proof in by all means, but perhaps a letter from your bank stating that you have the necessary funds might be better.
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