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Estate Agents wants proof of funds to buy property!

(64 Posts)
Patsy10red Wed 22-Feb-17 20:57:11

We have put in an offer on a property which has been accepted. The EA.,
who we have not yet met is a very patronising chap and seems to think that a woman should be baking and cleaning and not dealing with a house purchase. He has now asked for proof that the funds are in hand.

Am I legally obliged to comply with his request?

Having sold a property eighteen months ago we are in the fortunate position of being cash buyers. However, the funds are not in one account
but several so that if the banks/building societies fail we would not lose our funds.

When we sold our house we did not request proof of funds, we believed the buyer.

Am I just angry because of his condescending attitude?

Help!! Any advice and info will be much appreciated.

AndShesGone Wed 22-Feb-17 20:58:02

It's totally normal now

Inneedofaholiday2017 Wed 22-Feb-17 20:58:31

It's nothing to do with you being a woman it's normal for estate agents to ask this to weed out time wasting buyers

SnowBallsAreHere Wed 22-Feb-17 20:59:00

Completely normal.

Bellaposy Wed 22-Feb-17 20:59:31

It's totally normal to make sure that you're a genuine buyer. I'm afraid you've got the wrong end of the stick here.

SliceOfLime Wed 22-Feb-17 20:59:41

It's normal - we bought ours last year, parents bought last year too, sister is buying and selling at the moment - it's normal. Reassures your sellers that you're not going to pull out at the last minute because you can't get a mortgage.

Wondermoomin Wed 22-Feb-17 20:59:48

The estate agent is doing his job in assessing potential buyers and their offers. It's not that unusual. If you can prove funds then he will position your offer more favourably to the vendor.

Madbengalmum Wed 22-Feb-17 21:00:04

Whats wrong with that? Its perfectly normal for that to happen, and infact i would question an ea who didnt ask for it.

RandomMess Wed 22-Feb-17 21:00:19

Utterly standard practice. Otherwise people say they are cash buyers etc when they haven't even got a mortgage offer in principle.

gillybeanz Wed 22-Feb-17 21:01:14

normal practice and has been for ages.

JennyOnAPlate Wed 22-Feb-17 21:01:20

Completely normal and standard practice. What's your issue?

ThroughThickAndThin01 Wed 22-Feb-17 21:02:05

Very normal.

LegoCaltrops Wed 22-Feb-17 21:03:21

Anti Money Laundering procedures. I work in mortgages. They are highly unlikely to progress your offer without this, also proof of ID. You may not have requested proof of funds when you sold your last house, but I bet your agent did.

The agent's chauvinist attitude is a separate matter altogether.

CotswoldStrife Wed 22-Feb-17 21:03:28

It is entirely normal. I doubt you are legally obliged to let the EA know, but don't go in spouting about staying at home baking as you will look extremely patronising, not the EA hmm

You will be asked the same by the solicitor/conveyancer, and be asked for proof of how the funds were obtained so brace yourself for that one too and don't accuse them of anything.

Garnethair Wed 22-Feb-17 21:03:36

Just take in copies of bank statements

Musicaltheatremum Wed 22-Feb-17 21:03:38

I was a cash buyer in London 4 years ago. The EA just wanted to know I wasn't lying. I'm a woman too

welshmist Wed 22-Feb-17 21:08:48

Recently sold and bought, completely normal and we did not need a mortgage.

MrsBungle Wed 22-Feb-17 21:10:01

Completely normal.

AndromedaPerseus Wed 22-Feb-17 21:10:36

If you are a cash buyer you have an advantage over other buyers unfortunately people often claim to be cash buyers despite not having the funds in order to get rid of the competition and hoping the vendors will still sell to them when they find out they don't have the cash. We only accepted an offer from a cash buyer when they showed the EA the evidence

Redglitter Wed 22-Feb-17 21:12:14

I'm in the process of buying a property as a cash buyer. I'm having to get confirmation in writing from my bank that the money is mine. All to do with Money Laundering it's nothing to do with you being a woman

MovingOnUpMovingOnOut Wed 22-Feb-17 21:12:37

Why do you think this is a sexism thing? I bet he asks all cash buyers for proof of funds. If he doesn't he should because half the time the cash buyers are nothing of the kind ime.

Love51 Wed 22-Feb-17 21:13:14

They say it's to comply with money laundering regs. But they don't need to do it as soon as they do. I think they do it then as a matter of course so they can get more people to see their mortgage broker. Not illegal, free choice, but it provides a 'nudge'.

MovingOnUpMovingOnOut Wed 22-Feb-17 21:16:28

The anti-money laundering regs are usually the responsibility of the conveyancer. The EA does not have any responsibility to investigate like the conveyancer, although they will have an obligation to report any suspicions of money laundering.

CotswoldStrife Wed 22-Feb-17 21:18:49

The money laundering regs apply to the solicitor/conveyancer (which is why I said to brace yourself for the request/paperwork for that one) but I don't think it applies to the EA.

We had to supply the solicitor with all kinds of paperwork about our savings, it was a real PITA!

ThroughThickAndThin01 Wed 22-Feb-17 21:18:51

Also, from the vendors POV it's fantastic to know your buyers can actually afford your house with finance in place, if you're taking it off the market to them.

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