Estate agent asking to see proof of funds/deposit

maccaz21

Hey, thank for that.

Yes, the first snap shot shows no date. No problem with other EA's but this one wants a date. OK no problem.

So when I took a snap of the actual bank statement, I never blanked anything. I think you may of misunderstood, I haven't doctored anything. They have the top of the statement showing all the good stuff, name, address, balance, date etc is all there to see. They can see everything. More than I want to show.

What they want now is the full pdf version where they can see transaction history. From what I can see, an EA only has a remit to check my ID. I understand that and sent passport.

Of course it's in their interest and therefore "their business" to know I'm not a time waster. I understand that premise as an internal procedure.

But, I think we need to separate who does what. I need to give verbal explanations as to the source of my money, and provide unedited full bank statements to an Estate Agent so I can bid for a flat?
I've had many Money Laundering questions in the past but always from the solicitor, a person I employ.

But as I said, they have a full jpeg snapshot of everything, even more money than I want to show them, and they still aint happy. I have cooperated imo.

martindow

What is the problem with the agents seeing your account number and sort code? This is no more than is printed on a cheque and no-one could do much with it apart from paying some money in.

theartfullodger

When you provide the info ensure the agent gives you the same info (bank accounts, their annual returns to companies house, ID etc etc etc..).

Sadly to be an Estate Agent in Theresa's Engerland needs no training, no qualifications, no criminal records check, no check they are not undischarged bankrupts with a string of business failures. For the same reason agent wishes to ensure they are not wasting their time & effort you need this info!

Linton

The person you have to convince is the vendor, not the EA. If the vendor has a suspicion that you may be a time waster or at the very least someone who would be a pain to deal with during the buying process they may well prefer to sell to someone else. That would certainly be my attitude.

davidmcn

theartfullodger wrote: »

When you provide the info ensure the agent gives you the same info (bank accounts, their annual returns to companies house, ID etc etc etc..).

Sadly to be an Estate Agent in Theresa's Engerland needs no training, no qualifications, no criminal records check, no check they are not undischarged bankrupts with a string of business failures. For the same reason agent wishes to ensure they are not wasting their time & effort you need this info!

I realise this is somewhat tongue-in-cheek, but given a buyer is neither contracting with nor giving money to the EA it's not really much of a concern how incompetent or uncreditworthy they are.

hazyjo

I've bought 8 times and have only had to 'prove' my position once. My lender faxed through something saying I was good for the amount in question. They were never aware of the max I could borrow and I wouldn't want to tell them either. I'm open to a certain degree, but when they ask my max budget, I skirt round it with 'depends what needs doing and what I think it's worth' and maybe give an 'in the region of' figure.

AndyBSG

I would never show an EA my bank balances or statements.

All that does is tell them how much extra they can try to squeeze you for.

As other's have said, show your solicitor the statements and have them inform the EA that you have the required funds.

90% of the time the EA's are just carrying out their due diligence to ensure you aren't time wasters but there's always one's who's eyes light up when they see big numbers and then tell their client to up the price.

theartfullodger

davidmcn wrote: »

I realise this is somewhat tongue-in-cheek, but given a buyer is neither contracting with nor giving money to the EA it's not really much of a concern how incompetent or uncreditworthy they are.

Aye, bit like giving all that info to a complete stranger... No concern at all.. ? eh ??

davidmcn

theartfullodger wrote: »

Aye, bit like giving all that info to a complete stranger... No concern at all.. ? eh ??

Every employee of my bank is a complete stranger to me.

Linton

AndyBSG wrote: »

I would never show an EA my bank balances or statements.

All that does is tell them how much extra they can try to squeeze you for.

As other's have said, show your solicitor the statements and have them inform the EA that you have the required funds.

90% of the time the EA's are just carrying out their due diligence to ensure you aren't time wasters but there's always one's who's eyes light up when they see big numbers and then tell their client to up the price.

In my experience house selling doesnt work like that. The EA's sole interest is in selling the house as quickly as possible - whilst it remains on their books it is costing staff time. In none of the houses I have sold did the EA give any opinion as to whether potential buyer could afford to pay more. The money a buyer has may be well in excess of what they are prepared to pay for a given house.