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. ((
B
Bauexperte9 May 2014 19:26Good evening Dirk
Regards, Bauexperte
Doc.Schnaggls schrieb:Tonight I don’t have the patience to phrase things so softly ... in my opinion, it doesn’t help anyway ... there are people you have to respond to exactly as they addressed you before ...
Maybe you were a bit clumsy ...
Regards, Bauexperte
I would like to take a moment to defend "Baschti."
On one hand, the "advisors" from Stadt & Land actually (more or less) openly offer their clients to organize the financing for them. They also have a great comparison tool ready, which shows the client that two banks are willing to finance them and a third possibly might. The goal and motivation behind this is, of course, to push customers who do not want or cannot deal with financing themselves to close faster with this "service" ("look — the financing is already arranged, so you can just sign").
Of course, we have all tried to get offers and compare them. Some more, some less cleverly. I myself gave my preferred financer the terms of competitors during the final phase to get a better deal (which also works very well when buying a kitchen — although I didn’t mention the competitor’s name for the kitchen).
What I want to say is this: even if Baschti maybe made a mistake, he was only trying—as we all do—to find better or more suitable financing for himself (possibly trusting the Stadt & Land advisor who supposedly takes care of everything).
Now that he has realized what this "all-inclusive advisor" really is and how they operate, he has to draw the right conclusions and act accordingly. He has received the appropriate advice here. If he doesn’t take action, he will have to live with his decision (both the building partner and the financer).
On one hand, the "advisors" from Stadt & Land actually (more or less) openly offer their clients to organize the financing for them. They also have a great comparison tool ready, which shows the client that two banks are willing to finance them and a third possibly might. The goal and motivation behind this is, of course, to push customers who do not want or cannot deal with financing themselves to close faster with this "service" ("look — the financing is already arranged, so you can just sign").
Of course, we have all tried to get offers and compare them. Some more, some less cleverly. I myself gave my preferred financer the terms of competitors during the final phase to get a better deal (which also works very well when buying a kitchen — although I didn’t mention the competitor’s name for the kitchen).
What I want to say is this: even if Baschti maybe made a mistake, he was only trying—as we all do—to find better or more suitable financing for himself (possibly trusting the Stadt & Land advisor who supposedly takes care of everything).
Now that he has realized what this "all-inclusive advisor" really is and how they operate, he has to draw the right conclusions and act accordingly. He has received the appropriate advice here. If he doesn’t take action, he will have to live with his decision (both the building partner and the financer).
Bauexperte schrieb:
And you expect me to believe that now...?
Best regards, BauexperteYes, because he is an acquaintance of mine from the insurance company, and I can be completely open and honest with him.
emer schrieb:
This is confusing though. I already wrote something about inquiries and offers in my post above. Now suddenly there is also a contract from your insurance?
In such matters, you really need to be careful with the wording.Yes, I do need to be a bit careful... so far, it has been a loan inquiry to ING and an offer from the insurance...
D
DerBjoern12 May 2014 14:41I wouldn’t give it much more thought. Anyone who tries to pressure me into signing will get a “goodbye wave.” For me, that’s an absolute deal breaker.
Masipulami12 May 2014 14:43I completely agree. You should rather find a different partner.