Real estate agent Savills has asked potential home buyers to provide proof of funding before being allowed to view the new home scheme he is selling at Somerton in Lucan.
Those who registered their interest received an email stating that the next phase of the Co Dublin scheme will begin shortly and that those interested in securing an appointment for viewing should complete a questionnaire with the following information: “approval [for a mortgage] in principle, that is, today; Help-to-Buy grant certificate (if applicable); confirmation of all savings that will be used in the purchase; proof of gifts from family members, if applicable; when buying for cash – a bank statement or a letter from a lawyer confirming the availability of funds. “
Only relevant paperwork is required: Those looking to inspect a home in Somerton can simply offer Savills a letter from their bank or attorney to tell them they have the funds they need.
Pat Davitt, executive director of the Institute of Professional Auctioneers and Appraisers, which helped compile the Living with Covid guide for real estate agents, said that while the proof of funds was a recommendation for members with Covid-19 levels 4 and 5 restrictions, it was not recommended due to 3rd level restrictions.
The Savills approach will reduce the number of people who physically view Somerton’s scheme. During the last phase, there were about 5,000 expressions of interest in 44 three- and four-room houses.
Commenting on this requirement for The Irish Times, Savills Communications Director Andrew Smith said: “Due to current Covid-19 restrictions, we are unable to promote overall open viewing. This is to protect the health and safety of all buyers. As a result of the very high demand (in this case several thousand applicants), the launch of Phase 2 of Somerton can only be done by appointment.
“Therefore, in order to facilitate a fair and efficient sale process, we require proof of cash in the amount of the property’s value prior to being inspected by a private buyer. Prices were set prior to the request for confirmation of funding. “
Potential buyers involved in the actual launch of the scheme, where people can bid on properties, are advised to be “as prepared as possible.” Those interested in securing a home at start-up will be required to provide Savills with a deposit of € 10,000 through EFT on the same day, full proof of funds or mortgage approval and details of their attorney.