proof of funds after making an offer - vendor still honoring viewings

[geekchicz]

The estate agent has requested proof of funds after making an offer- normal practice i know
just your thoughts on this - here' s the approx scenario

Monday - I sold and completed on another property.. This is a probate sale and I'm the executor & beneficiary. The rest of the inheritance will be really shortly tied now the probate is through. Not much more - This will be the sizeable mortage deposit . All the funds are currently with solicitor.

Tuesday : House I viewed and liked has a considerable price drop after a month to attract more interest > put in an offer over new asking - IMPORTANT got told its an acceptable offer if proceedable.

Didn't put an offer on before as wasn't proceedable- did feed back liked it serious and kept in touch with estate agent

Wednesday : after 12 viewings and being on the market of my house for 4 weeks - accept an offer . My agent is thorough and local and has checked proof of funds for my buyer - short chain - first time buyer is buying theirs . Inform the on the agent I am now proceedable hurrah !

Thursday : Offer neither accepted nor rejected - Vendor wants to honor viewings booked perhaps yesterday - viewings will take place another week or so.. we must wait

Need to sort out small mortgage in principle, and show that and I guess show proceeds of inheritance/ probate sale plus indicate what ' profit ' from my own sale . - theoretically they will know how much wriggle room I've got if suddenly we switch to best and final

Is it the proof of funds that is holding things up? It sounds like they have realised there is interest and waiting to see what final price they’ll achieve, especially given the price drop.

Ours did the same - no answer within 2 weeks. I rang the estate agent and told him we were now looking in an area where you get more for your money and that if we found something, we’d go with that. It was accepted a few days later.

No I was asked the day I became proceedable - literally the day after they said the offer was acceptable not accepted . Viewings from other potential buyers continue this week. Everyone is local - all the agents and solicitors know each other . I don't fancy showing my financial situation if I have to bid up against someone else - I would have course submitted all on the same day for best and final

The vendors agent knows we are tied to a pretty specific area because of schools

Are they still planning to allow all booked viewings if you produce your proof of funds?

Yes

In that case, you won't gain anything by sending them the information. The sellers clearly want to see if they can get a better offer!

My OH says we just wait and officially submit again in writing on the day they said we would 'get in contact again' after the final booked viewing. They said they would tell me if there was a cancellation.

@rainingsnoring yes I think you're right! I needed outside perspective - thank you . I have viewed a plan B yesterday and the likelihood is I would be soon asking to view a different property with the same agent as they and my own are basically the biggest in the area. We just want to show we are serious but at the same time this step up to a level beyond FTB and then our current house just seems more fraught. I have also had to go through selling the probate property the last 6 months which has been bumpy along the way. its all a bit cutthroat atm and I've bought and sold quite a few times on behalf of elderly famil yto downsize the last decade

My friend is trying to buy at the moment & any offer she has made has to show the below detail before she was accepted.

mortgage value/agreement
deposit value
proof of deposit funds.

Yes I know @doorbore - I would do that as soon as the other viewings are finished and as they do theirs if they bid as well . I'm quite sure they will be telling them there's an offer on the table from a proceedable buyer. Without outing myself they can informally know as the know my solicitor and my agent that we are legit although that's not obviously good enough legally iyswim

It's been a very difficult market for a couple of years now.
Perhaps tell the EA that you are interested and are happy to keep your offer on the table until you know the outcome of the other viewings. Assure them that you have proof of funds ready to go as soon as you know if your offer is to be accepted. Also mention that you have seen another property you are interested and will be proceeding with other viewings while you wait to hear back from them.

The buyers are entitled to see what other offers come in. If they get multiple offers it will got to best and final.

We had this - offered over by £10k and were proceedable but they honoured the other bookings. We had proof of funds the lot.

Long wait over the weekend but did get it. They just wanted to see if they could get more.

‘Need to sort out small mortgage in principle, and show that and I guess show proceeds of inheritance/ probate sale plus indicate what ' profit ' from my own sale . - theoretically they will know how much wriggle room I've got if suddenly we switch to best and final.’

Yes to mortgage in principle but I’ve only ever disclosed how I will be funding the exact purchase price - not anything over and above. And I’ve only ever done so via my solicitor, not via the estate agent as I wouldn’t want them knowing how much ‘wriggle room’ there was either.

Like a pp, I would say again how interested I was in the property, that proof of funds can be confirmed and that the offer will be left on the table but that you will continue to look at other properties in the meantime.

Tell the agent you’re still viewing houses too so you may well pull your offer by the time they decide