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Proof of Funds
Gynx
Posts: 37 Forumite
Morning Folks.
Anyone have any advice for the situation below?.
Myself and a colleague are looking into cash buying properties to renovate.
We bid on a house recently and the estate agent asked for proof of funds. Our initial response was that proof of funds would be provided immediately after the vendor shows an interest in the offer. (Not requiring it to be taken off the market etc).
The estate agent warned that whilst we can still offer, it would advise against us being accepted because of no evidence.
Following this we suggested we would provide proof, however as the source of the funds from myself was premium bonds and a stocks (isa) on the other then it would be a statement of those two accounts and that the total (certainly in mine) would not by itself cover the purchase price (as we are going into this 50/50).
This was also not acceptable with them saying it had to be a single current account.
In our eyes, anyone with over 100k in a current account needs some financial advice but on topic, is the estate agent right to ask for us to draw down investments into a single bank account prior to an offer even being accepted?
Anyone have any advice for the situation below?.
Myself and a colleague are looking into cash buying properties to renovate.
We bid on a house recently and the estate agent asked for proof of funds. Our initial response was that proof of funds would be provided immediately after the vendor shows an interest in the offer. (Not requiring it to be taken off the market etc).
The estate agent warned that whilst we can still offer, it would advise against us being accepted because of no evidence.
Following this we suggested we would provide proof, however as the source of the funds from myself was premium bonds and a stocks (isa) on the other then it would be a statement of those two accounts and that the total (certainly in mine) would not by itself cover the purchase price (as we are going into this 50/50).
This was also not acceptable with them saying it had to be a single current account.
In our eyes, anyone with over 100k in a current account needs some financial advice but on topic, is the estate agent right to ask for us to draw down investments into a single bank account prior to an offer even being accepted?
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Comments
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Everything the EA wanted EXCEPT a joint account was reasonable, eg providing evidence of funds. A single current account is beyond unreasonable into wack job territory.I would make a complaint to the EA company in writing, put a note through the vendors door stating you have made an offer but because your funds arent in a single place the EA wont pass it on, and then move on yourselves.1
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Thanks for the reply Joe.
It appears we are already moving on unfortunately as we had a call saying the vendor had accepted an alternative offer and that advice for next time it to provide "the standard form of evidence being a bank of building society account that could cover the purchase".
More than annoyed lol... but think we'll be avoiding this EA in the future.0 -
Is*, or*
Walking and texting, never works lol.0 -
What a load of rubbish. When we purchased our house as cash buyers, the EA was more than happy to accept that the funds were spread out over a number of accounts. It would have been stupid to put it all into one account, bearing in mind the £85k protection guarantee.1
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Other than saving the EA the trouble of doing some minor arithmetic, I have no idea what their logic is in wanting it all in a current account.3
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