ᐅ Paying for an Expert Report Out of Pocket? Timber Protection Assessment
Created on: 29 Jan 2009 22:35
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Eule84Hello everyone!
I just registered here and want to get straight to the point (sorry!^^) because I need some advice.
I would like to buy a small house (79,000 EUR), but I don’t have any savings. I’m 24 years old. In my opinion, it’s a good age to take on something like this – but nobody ever really planned or arranged any financial provision for me, so my assets are very limited.
I’ve now approached my bank to ask about full financing and sent in all the required documents. At first, they said “It looks promising.” But now the bank wants me to provide a wood protection report.
At the moment, I’m still trying to find out how much something like that might cost, but haven’t found any reliable information yet – although I’ve already sent a few emails to various experts.
Basically, I’m wondering if I have to pay for this report myself at all? It’s for a house that doesn’t even belong to me yet. If the report turns out negative, of course I wouldn’t want to take the house, and the bank probably wouldn’t approve the financing either – which means I might have spent a significant amount of money for nothing. Is that possible?
The real estate agent said that, in his view, the bank might be using this as a way to deny me the loan – kind of “discouraging” me.
What do you think? I’m really not sure what to do right now and would like to hear what others think.
Best regards,
Eule
I just registered here and want to get straight to the point (sorry!^^) because I need some advice.
I would like to buy a small house (79,000 EUR), but I don’t have any savings. I’m 24 years old. In my opinion, it’s a good age to take on something like this – but nobody ever really planned or arranged any financial provision for me, so my assets are very limited.
I’ve now approached my bank to ask about full financing and sent in all the required documents. At first, they said “It looks promising.” But now the bank wants me to provide a wood protection report.
At the moment, I’m still trying to find out how much something like that might cost, but haven’t found any reliable information yet – although I’ve already sent a few emails to various experts.
Basically, I’m wondering if I have to pay for this report myself at all? It’s for a house that doesn’t even belong to me yet. If the report turns out negative, of course I wouldn’t want to take the house, and the bank probably wouldn’t approve the financing either – which means I might have spent a significant amount of money for nothing. Is that possible?
The real estate agent said that, in his view, the bank might be using this as a way to deny me the loan – kind of “discouraging” me.
What do you think? I’m really not sure what to do right now and would like to hear what others think.
Best regards,
Eule
Hello,
this is not an easy question, but as fate would have it, I watched a report on TV yesterday about exactly this kind of appraisal.
In the report, the buyer initially paid for the appraisal themselves and then successfully reclaimed the cost from the bank.
Best regards, Golf
this is not an easy question, but as fate would have it, I watched a report on TV yesterday about exactly this kind of appraisal.
In the report, the buyer initially paid for the appraisal themselves and then successfully reclaimed the cost from the bank.
Best regards, Golf
Hello! Thanks in advance for your replies.
@Golf: Yes, I could try to negotiate with the bank again. Maybe they will be a bit more flexible, especially since many banks here also hire their own appraisers at their own expense.
@Cher: That’s true. But depending on how expensive it could get, I’m worried about spending a lot of money for nothing. I’m not exactly rolling in cash. However, I could try to reach an agreement with the real estate agent on that...
@Golf: Yes, I could try to negotiate with the bank again. Maybe they will be a bit more flexible, especially since many banks here also hire their own appraisers at their own expense.
@Cher: That’s true. But depending on how expensive it could get, I’m worried about spending a lot of money for nothing. I’m not exactly rolling in cash. However, I could try to reach an agreement with the real estate agent on that...
The real estate agent says, as mentioned, that this is a tactic by the bank to stall me. He says the bank should actually handle this themselves.
However, the agent is also in contact with other banks and wants to inquire on my behalf because these banks apparently carry out the appraisals themselves. I’m wondering now if he just wants me to arrange financing with his "partner banks" or if he feels more "secure" that way...
However, the agent is also in contact with other banks and wants to inquire on my behalf because these banks apparently carry out the appraisals themselves. I’m wondering now if he just wants me to arrange financing with his "partner banks" or if he feels more "secure" that way...