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. ((
baschti schrieb:
So far, it has been a loan inquiry with ING and an insurance offer...Under these circumstances, in my opinion, nothing should be blocked with the KFW either. As long as nothing has been definitively signed yet, you should be able to switch without any problems.
DerBjoern schrieb:
I wouldn’t overthink it anymore. Anyone who pressures me into signing gets a “goodbye forever” wave from me. For me, that’s an absolute deal-breaker.Same here. Pressuring me usually has exactly the opposite effect.
H
HilfeHilfe12 May 2014 15:43Hello,
Have you tried calling Ing-Diba to inquire?
Have you tried calling Ing-Diba to inquire?
HilfeHilfe schrieb:
Hello,
have you tried calling Ing-Diba to inquire?I’ve handled everything now through my acquaintance at the insurance company. They are transferring the KfW loan to the new contract, and ING-DiBa will automatically expire if you don’t sign within 14 days.
We will also be parting ways with this “advisor"... Looking back, I’m annoyed at how foolish he tried to make me look when I asked if they are using plastic pipes for the underfloor heating, and he laughed out loud, saying that nobody uses those anymore, only aluminum composite pipes... but the contract still states plastic, and when I asked to have it changed, a few days later he said plastic pipes would be used after all... Apparently, this clown doesn’t even know what he’s selling.
Now the question is: who to build with? An architect? You hear both good and bad things; they have quite a few advantages since you decide everything yourself and know exactly what costs what.
Or again a general contractor (GC) / main contractor? But which one? Any recommendations?
Best regards
Basti
H
HilfeHilfe13 May 2014 09:33I can't advise you on the construction itself. However, you would have financing but no building partner anymore. Not even without that............ You still need to show your acquaintance or the insurance a construction scope of work, right? What happens if you end up needing more money? That's a tricky situation.
