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Vendor wanting to see financial information
Guitar
Posts: 157 Forumite
Hey Hey,
I've had a bit of back and forth with an offer on a repossession.
Before they accept my offer the agent has asked for a copy of my Approval in Principle as proof that I have a mortgage in place. I'm mostly fine with this.
However they've also asked for proof that I have the deposit to get the mortgage in the form of my most recent bank statement.
I'm not fine with this second part for a couple of reasons:
1. With the AIP and bank statement they agent will know the maximum I can afford and while I'm unwilling to increase my offer, if they push for more the deal may fall through.
2. I've moved all the deposit funds into my current account so the bank statement summary will also show how much I earn (and spend) along with my bank account details. Could I censor all this apart from the balance?
Is there another way I can (quickly) prove I have the deposit?
Unless I provide this information they won't put my offer forward for acceptance.
Thanks
I've had a bit of back and forth with an offer on a repossession.
Before they accept my offer the agent has asked for a copy of my Approval in Principle as proof that I have a mortgage in place. I'm mostly fine with this.
However they've also asked for proof that I have the deposit to get the mortgage in the form of my most recent bank statement.
I'm not fine with this second part for a couple of reasons:
1. With the AIP and bank statement they agent will know the maximum I can afford and while I'm unwilling to increase my offer, if they push for more the deal may fall through.
2. I've moved all the deposit funds into my current account so the bank statement summary will also show how much I earn (and spend) along with my bank account details. Could I censor all this apart from the balance?
Is there another way I can (quickly) prove I have the deposit?
Unless I provide this information they won't put my offer forward for acceptance.
Thanks
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Comments
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I find it hard to believe the seller has put this level of detail as a condition of receiving offers.
Just say you will provide aletter from the bank confirming deposit + AIP meets purchase price on provisional acceptance of the offer.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
I find it hard to believe the seller has put this level of detail as a condition of receiving offers.
Just say you will provide aletter from the bank confirming deposit + AIP meets purchase price on provisional acceptance of the offer.
I can. It's a repossession, therefore normal.
If you can get a letter, then that will be fine, otherwise yes, you can block out transactions, it's the deposit they want to see on the bank statement.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl way more experienced than me here so listen to her :-)Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
It's not unusual but your advice was good! Everything that is supposed to be in heaven is already here on earth.
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We had to show an AIP to the EA before we were allowed to view the house we finally bought (also a repossession) but we were not asked for proof of deposit. The EA did have to assure the vendor that we were proccedable.
cel x:staradmin:starmod: beware of geeks bearing .gifs...:starmod::staradmin:starmod: Whoever said "nothing is impossible" obviously never tried to nail jelly to a tree :starmod:0
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