ᐅ Existing Property – Surveyor, Financing, Negotiation...

Hello everyone,

we have found an interesting house that seems to fit based on the pictures and an initial viewing from outside (which is already a big step for us 🙂 – what are the general next steps in this process?

Our next step is to schedule a viewing appointment. If we like it, I see the following open points:

- Building inspector / surveyor (I’m not sure how this works or how agents usually feel about it)
- Sorting out financing
- Buying / negotiating

I find it difficult to hand everything over to the bank right after a viewing, because that part usually takes the longest. Should I already arrange for a building inspection while the financing is still in progress, or only after the bank’s approval? And ideally, you want to negotiate as well, since the asking price is usually higher than the final selling price.

If you are unlucky and do all the inspections, someone else might buy the house first…

What is the best way to proceed in this situation?

Regards,
Henrik

Visit the house, express purchase interest, hope for acceptance, arrange financing with the bank, visit it again with an appraiser, notary.
At least in this area, there is no room for negotiation. There are multiple interested buyers, and the seller chooses among them. Alternatively, the seller often sells to the highest bidder.

I would schedule the inspector at the very beginning... if they find significant defects, this can affect the price and financing, for example.

Furthermore, time is important when buying a used house... we saw so many houses whose prices went down over time. In other words: only buy when you really feel comfortable with the price.

Hello Henrik,

Henrik0817123 schrieb:

- Expert inspector (I don’t even know how that works or if every agent likes that)

It’s actually the other way around – if the agent doesn’t like it, there’s probably something wrong with the house!

You – like any other buyer (non-expert) of existing properties – should never ever purchase a house without professional expert support! The expert walks through the property with you and then prepares a report outlining any potential renovation costs. This report, together with the purchase price of the house/land and additional costs, you need for your:

Henrik0817123 schrieb:

- Financing

Existing properties are valued differently than new builds.

I assume you have already clarified your budget and know the financial limits you can operate within. It then makes perfect sense to have a detailed cost estimate at hand when it comes to the “real deal.” If there is significant renovation needed, your financing bank might very well insist on professional expert support. In that case, it’s good to have the expert already on your side.

Henrik0817123 schrieb:

- Buying/Negotiation

If you are unlucky and have done everything with an expert inspector, maybe someone else will buy the house anyway...

You have to learn to live with a certain residual risk 😉

Regards, Bauexperte

Hm, then what is the purpose of such a forum if you’re not allowed to ask questions here? This really feels like a German forum phenomenon; it never happens with foreign users—there, people usually help twice as much instead of responding with these kinds of introductions.

I don’t know anyone who has bought their house at the listed price. I also always buy every product on eBay Classifieds below the asking price—that’s totally normal.

Of course, you have to expect that someone else doesn’t want to negotiate and buys the house directly... that’s just how it is!

Henrik

However, a surveyor also costs money, so I would only take one along for a second viewing if the house is really a serious option. We looked at several houses, which already added up cost-wise, and some houses were no longer considered after the viewing.

Buying a used bike from classified ads is quite similar to buying a used house 😀