Hello,
I have the following problem. The company we want to build with (let’s call it Stadt und Land) gave me a financing offer two weeks ago (10-year term) and then submitted an application to Ing-Diba. We also plan to take out two KfW loans totaling €50,000.
Now, this week I received a much better offer with a similar interest rate but for a 30-year term through my insurance company.
My problem is that the building planner naturally sees his commission at risk and insists on receiving it (he is very firm about this). So, he initially sent me two alternative offers from Ing-Diba, but they only have a fixed interest rate period of 15 years (Ing-Diba does not offer longer).
Just now, he called me and said he could arrange the same offer as the insurance company (also through the insurance) and thinks it is only fair that he gets the contract since he has put so much work into it.
Here’s the catch! Since the KfW loans were approved for Ing-Diba, we have to apply for switching banks with KfW (the fact that these funds can only be assigned once and are then blocked for 6 months was not mentioned by the guy).
The building planner told me on the phone that we have no choice but to sign the contract with him because we need his signature to access the KfW funds or to transfer them to another contract.
It feels a bit like blackmail. I now suspect that if I do not sign the contract with him, we will only encounter more problems during the construction, and I have a really bad feeling about this right now.
Wouldn’t it be fairer to award the contract to the person who first gave me the best offer?
Should we perhaps look for another building company? Maybe even an architect?
I’m a bit at a loss and have completely lost motivation for building by now, but I’m really glad that we haven’t signed anything yet (construction contract, etc.), only a power of attorney for the bank.
I hope someone can help me out. ((
I have the following problem. The company we want to build with (let’s call it Stadt und Land) gave me a financing offer two weeks ago (10-year term) and then submitted an application to Ing-Diba. We also plan to take out two KfW loans totaling €50,000.
Now, this week I received a much better offer with a similar interest rate but for a 30-year term through my insurance company.
My problem is that the building planner naturally sees his commission at risk and insists on receiving it (he is very firm about this). So, he initially sent me two alternative offers from Ing-Diba, but they only have a fixed interest rate period of 15 years (Ing-Diba does not offer longer).
Just now, he called me and said he could arrange the same offer as the insurance company (also through the insurance) and thinks it is only fair that he gets the contract since he has put so much work into it.
Here’s the catch! Since the KfW loans were approved for Ing-Diba, we have to apply for switching banks with KfW (the fact that these funds can only be assigned once and are then blocked for 6 months was not mentioned by the guy).
The building planner told me on the phone that we have no choice but to sign the contract with him because we need his signature to access the KfW funds or to transfer them to another contract.
It feels a bit like blackmail. I now suspect that if I do not sign the contract with him, we will only encounter more problems during the construction, and I have a really bad feeling about this right now.
Wouldn’t it be fairer to award the contract to the person who first gave me the best offer?
Should we perhaps look for another building company? Maybe even an architect?
I’m a bit at a loss and have completely lost motivation for building by now, but I’m really glad that we haven’t signed anything yet (construction contract, etc.), only a power of attorney for the bank.
I hope someone can help me out. ((
Stick to what you know, that’s my approach. I also declined a house seller who simultaneously tried to offer me a loan. I refused both the loan and the house construction. At least one person was honest and said: Of course, a repayment rate of 1% is not sensible at all, but you wouldn’t believe how many people don’t care. As long as they can build.
Regarding your topic, I would cancel everything. Talk to the KWG and explain that it was never intended to secure the funding in this way, but that from your side, a loan inquiry was made to the bank through the broker.
It’s important to note that there is a significant difference in terminology between a “loan inquiry” and a “loan offer.”
Regarding your topic, I would cancel everything. Talk to the KWG and explain that it was never intended to secure the funding in this way, but that from your side, a loan inquiry was made to the bank through the broker.
It’s important to note that there is a significant difference in terminology between a “loan inquiry” and a “loan offer.”
B
Bauexperte9 May 2014 17:56@ Baschti
I don’t quite understand why you’re upset with the financer Stadt & Land? After all, you were the first to pass on your insurer’s documents. Double standards?
Yes, I do suspect that your choice of Town & Country is motivated by cost-cutting. That would also explain why you still believe this provider is your construction partner.
Regards, Bauexperte
Bauexperte, on the go
I don’t quite understand why you’re upset with the financer Stadt & Land? After all, you were the first to pass on your insurer’s documents. Double standards?
Yes, I do suspect that your choice of Town & Country is motivated by cost-cutting. That would also explain why you still believe this provider is your construction partner.
Regards, Bauexperte
Bauexperte, on the go
B
Bauexperte9 May 2014 17:58and addendum ...
Such behavior/approach is currently not common ... among reputable building partners!
Bauexperte, from on the go
Such behavior/approach is currently not common ... among reputable building partners!
Bauexperte, from on the go
Bauexperte schrieb:
@ Baschti
I don’t quite understand why you’re upset about the financer Stadt & Land? You were the first to forward your insurer’s documents. Double standards?
Yes, I do suspect that your choice of Town & Country is driven by trying to save money. That would also explain why you still believe this provider is your building partner.
Regards, Bauexperte
Bauexperte, writing on the goOf course I gave the offer to the employee of the company Stadt & Land because he asked me to, so he could prepare a suitable new offer for me… but now he can’t! However, just because I gave him the documents doesn’t mean he has the right to pass them on to third parties, right? Or am I wrong?
D
Doc.Schnaggls9 May 2014 18:20Hello Baschti,
my honest opinion:
Stay away from working with this "advisor."
If he’s already pulling these tricks before the contract is even signed, imagine what might happen afterward.
You can tell by your contact person’s reaction at the insurance company what they think of such business practices.
It might have been somewhat careless of you to forward the entire offer by email, but that certainly did not give the "advisor" the right to share this confidential document with a third party.
Sorry, a bank that allowed something like this would have a lot of issues with the regional data protection authority and the national financial supervisory authority...
Are you hesitant to take stronger action now?
What more do you need—besides unauthorized sharing of your data and a threat that, in my personal opinion, is close to extortion as a criminal offense?
Characters like your "advisor" from here and there have absolutely no place in the financing market...
These kinds of people are the ones who ruin the reputation of honest bankers (yes, those still exist)...
Ultimately, it’s up to you whether you accept this behavior and even reward it with a construction contract.
There are other fish in the sea...
Adding to the statement from Bauexperte: My grandfather always said, “If you buy cheap, you usually buy twice!”
Best regards,
Dirk
my honest opinion:
Stay away from working with this "advisor."
If he’s already pulling these tricks before the contract is even signed, imagine what might happen afterward.
You can tell by your contact person’s reaction at the insurance company what they think of such business practices.
It might have been somewhat careless of you to forward the entire offer by email, but that certainly did not give the "advisor" the right to share this confidential document with a third party.
Sorry, a bank that allowed something like this would have a lot of issues with the regional data protection authority and the national financial supervisory authority...
Are you hesitant to take stronger action now?
What more do you need—besides unauthorized sharing of your data and a threat that, in my personal opinion, is close to extortion as a criminal offense?
Characters like your "advisor" from here and there have absolutely no place in the financing market...
These kinds of people are the ones who ruin the reputation of honest bankers (yes, those still exist)...
Ultimately, it’s up to you whether you accept this behavior and even reward it with a construction contract.
There are other fish in the sea...
Adding to the statement from Bauexperte: My grandfather always said, “If you buy cheap, you usually buy twice!”
Best regards,
Dirk
B
Bauexperte9 May 2014 19:23Good evening,
You received a personal offer from the insurance company tailored to your private situation. Despite this, you passed this offer on to the guy from Stadt & Land—completely ignoring data protection regulations (which are so important to you when the roles are reversed). So please tell me, what is the difference between your actions and his?
Don’t try to get something for nothing—in neither case does that work!
Regards, Bauexperte
baschti schrieb:Are you playing dumb or are you really that way?
But just because I gave him the documents, does that mean he has the right to pass them on to third parties? Or am I mistaken?
You received a personal offer from the insurance company tailored to your private situation. Despite this, you passed this offer on to the guy from Stadt & Land—completely ignoring data protection regulations (which are so important to you when the roles are reversed). So please tell me, what is the difference between your actions and his?
Don’t try to get something for nothing—in neither case does that work!
Regards, Bauexperte