Proof of founds

Poniato

Hello!

I have made an offer for the house. My agency said that they need to wait to Tuesday as there are 4 offers in total and some of the People didn't send proof of founds. Of course, that was `best and final`. My question is why the estate agency waiting so long?

ACG

Maybe the sales manager is not in until Tuesday? The vendors are away?

warby68

Easter, Bank Holidays?

Poniato

If it's best and final offer, vendor and manager saw all 4 offers on Thursday, so why they wait until Tuesday? I reckon they need 1 hour or even lest to make an decision.

AnotherJoe

Because they need to satisfy themselves that some of the bids are genuine. And they can't do that over a bank holiday,for example they might need a document from a mortgage provider.

Seems likely you've lost out since if you were highest bidder and assuming your finances looked good (BTW it's proof of funds not founds) then they wouldn't need to wait on the others, no point checking up on a losing bid (unless they preferred a lower bid, may be a smaller chain for example). In either case not looking good for your bid.

Poniato

Nobody knows if I have lost out or not. A final decision will be given to all of 4 bidders on Tuesday, although estate agency works on Saturday and Monday. Idk, what is the point waiting 4 days for make decision which suppose to take 10-20 minutes?

AnotherJoe

If you bid the highest, why would they check out buyers who bid less than you?

Anyway, more fundamentally you seem unable to understand the basic issue that some bidders need to have the source of their funds investigated, and that cant be done over a bank holiday weekend because the banks and mortgage lenders are closed. :wall:

So, like them this weekend, I'm out.

Thrugelmir

Poniato wrote: »

what is the point waiting 4 days for make decision which suppose to take 10-20 minutes?

Because Tuesday is the earliest that a decision can be made. In the scheme of things a few non working days makes absolutely no difference. Nor is it the EA that makes the final decision. It's the vendor.