EA requesting proof of exception and deposit.

My wife and I are currently bidding on a house in Dublin and the EA had requested proof of our mortgage approval which we provided. As it was KBC the approval is for the 3.5 times salary amount and we have qualified for an exception above that which would more than cover the bid including our deposit.

The EA is now requesting proof of being granted the exception and proof of our deposit funds. I would have no issue doing this once we go sale agreed but since there are still other bidders involved I’m reluctant to show our cards. We could go higher with the exception KBC have offered us but we really don’t want to go any higher due to the size of the mortgage repayments.

This hasn’t occurred when we have bid on other properties so should I hold to my initial instinct and tell the EA we will provide those details if/when we go sale agreed or just hand over those details.

Have you a solicitor involved at this stage? A letter from your solicitor stating that you have the required funds available for the purchase should suffice for the EA.

I certainly wouldn't be telling the EA how much funds I'd have available.

Jazz01 said:

Have you a solicitor involved at this stage? A letter from your solicitor stating that you have the required funds available for the purchase should suffice for the EA.

I certainly wouldn't be telling the EA how much funds I'd have available.

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That’s what I thought, no we haven’t involved a solicitor as of yet as we only started bidding on this place yesterday. I have gotten quotes from a few conveyancing solicitors but haven’t hired one as of yet.

I will stick with my initial thought of saying I will be happy to provide all of this documentation if/when we go sale agreed.

Any tips on how to word this at all?

Eireog007 said:

I will stick with my initial thought of saying I will be happy to provide all of this documentation if/when we go sale agreed.

Any tips on how to word this at all?

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In my experience, a number of agents will not accept a bid unless you provide proof of funds. From what I'm hearing, there are a lot more buyers than properties available in some areas, so agents can afford to be choosy. A solicitor's letter was accepted a couple of times when I was asked for proof of funds when bidding.

When viewing another house I didn't bid on, I heard the agent tell another viewer that they would no longer be accepting solicitors' letters as proof of funds due to multiple sales having fallen through when the vendors were unable to draw down the required amount despite their solicitor having provided confirmation.

Leo said:

In my experience, a number of agents will not accept a bid unless you provide proof of funds. From what I'm hearing, there are a lot more buyers than properties available in some areas, so agents can afford to be choosy. A solicitor's letter was accepted a couple of times when I was asked for proof of funds when bidding.

When viewing another house I didn't bid on, I heard the agent tell another viewer that they would no longer be accepting solicitors' letters as proof of funds due to multiple sales having fallen through when the vendors were unable to draw down the required amount despite their solicitor having provided confirmation.

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The EA ended ringing while I was contemplating my response and I gave a broad strokes view of our breakdown of funds which seemed to placate her.

Going to get onto a solicitor today to get things in line anyway.

Eireog007 said:

Going to get onto a solicitor today to get things in line anyway.

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Best of luck with everything, hope you get what you want at the right price

What price bracket are you in?

Leo said:

When viewing another house I didn't bid on, I heard the agent tell another viewer that they would no longer be accepting solicitors' letters as proof of funds due to multiple sales having fallen through when the vendors were unable to draw down the required amount despite their solicitor having provided confirmation.

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I find this a bit hard to believe (not your account, what the agent said!)

Half of sales are pure cash, and of the other half a pretty small percentage will be exceptions to the Central Bank's rules.

So most bidders are bidding cash or are within 3.5x income before they start bidding.

NoRegretsCoyote said:

What price bracket are you in?

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Now there's a question!

NoRegretsCoyote said:

I find this a bit hard to believe (not your account, what the agent said!)

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Oh, they may just have been having a rant, the house we were in was back on the market after 6 months due to a sale falling through. But I know my solicitor didn't look for any evidence before producing the letter