Can Estate Agents Request Bank Statement?

Carlsdad

Our daughter and her husband have just sold their house and are now in the process of purchasing another property for cash. The estate agent has demanded that they should be given a copy of their latest bank balance to show that the cash is, in fact, available. Is this normal practice? The couple are concerned that the estate agent know just how much funds are available, and the price has already been increased twice (new offers) and they have now been asked to make a further bid. They have paid the cash to the solicitor involved, but contracts are not due to be exchanged for another three days. Our son-in-law is now pulling out and will lose money, but feels that they are being gazumped.

D.L

Yes, anyone can request a bank statement.

Can you get your daughter to send me a copy of her latest bank statement? Thanks!

Barney_Rubble_0403

All explained here...

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/do-estate-agents-need-proof-of-funds/

theartfullodger

They can ask agent for a copy of agents bank statement

[Deleted User]

Carlsdad wrote: »

Our daughter and her husband have just sold their house and are now in the process of purchasing another property for cash. The estate agent has demanded that they should be given a copy of their latest bank balance to show that the cash is, in fact, available. Is this normal practice? The couple are concerned that the estate agent know just how much funds are available, and the price has already been increased twice (new offers) and they have now been asked to make a further bid. They have paid the cash to the solicitor involved, but contracts are not due to be exchanged for another three days. Our son-in-law is now pulling out and will lose money, but feels that they are being gazumped.

Lots of people claim to be cash buyers even when they aren't really so the estate agent might be trying to qualify the buyers for their client. That said, your daughter and son-in-law are under no obligation to provide them. I can't understand not wanting to show their hand to the estate agent although there's nothing saying that just because you have X you are going to spend X on that particular property.

The buyer accepted their offer, allowed your daughter and her husband to progress the purchase with a solicitor and surveys and have gone on to get your daughter and her husband to increase their offer twice, who even knows if those other offers really exist. It's really down to your daughter and her husband to decide how much they really want this property. Is it worth a 3rd price increase or is it time to draw a line in the sand and tell the vendor that it's time to !!!! or get off the pot. Exchange in 3 days at the currently agreed price or you'll start looking elsewhere. In fact, they could even book a viewing for another property listed with that estate agent just to put the wind up the buyer.

hjd

Let your daughter's solicitor see the bank statement, then they can confirm to the EA that the funds are available,

AdrianC

Whether they can afford more doesn't affect whether they wish to pay more for any given property, does it?

So seeing their bank balance makes no difference whatsoever, unless they can't afford the property. Or they've lied about not being able to afford more rather than not wanting to pay more.

Comms69

"I have sufficient funds available to complete this purchase, my solicitor can confirm this is required"

SmashedAvacado

I would redact anything transactional from the statement. And a couple of the account numbers - so it only shows the balance. They do not need to see your income or spending habits. They just want to see the balance. But as suggested elsewhere, if you have a solicitor, sending them the statement and asking them to confirm should be as good from their perspective.

foxy-stoat

If they have another account then transfer the sum that your paying into that account and then use that, it will show 1 transaction and the balance will be your offer.

Carlsdad

Thank you one and all for your input. The solicitor has had a word with the estate agent, and the outcome is that the sale will now go through as planned.