Bank will send an appraiser! Bad sign?

Hello,

briefly about our current situation.

A few years ago we bought a plot of land and are currently building on it with an Effiz. House 55.

We both have a reasonable net income and in addition to the land also some equity.
Now, unfortunately, after many preliminary talks with the bank, we have already started building without having a loan commitment and have applied for the loan in the meantime.

Now the bank wants to send an appraiser before the loan agreement. And of course the time is a bit tight since the first two interim invoices have arrived. However, with a payment term of 14 days.

Is this a bad sign?

Thanks in advance for your help.

sorry, but why did you start? I would generally say that it does not have to be a bad sign if an expert comes by.

I consider an expert appraiser to be the least of the problems.

I build to KfW55 standard. Without any loan approval. That’s how you’ve shot the interest rates up. 1. Because the bank now has you by the balls in general. You’ve also shot yourselves in all negotiating positions. 2. With KFW promotional loans (if you were counting on those) it’s over now. Quote from KfW:

Vereinbaren Sie vor Beginn der Bauarbeiten oder dem Kauf der neuen Immobilie einen Termin bei Ihrer Bank. Diese beantragt den Kredit für Sie bei uns.

I’m already impatient, but your action tops everything.

Was that even contractual? Didn’t anyone want to see a loan confirmation?

Phew! That doesn't have to mean anything bad, but I assume that the bank will now dictate a nice interest rate to you...

So the application to the bank was submitted before the start of the construction work, including for the two [KfW loans]. The interest rate was also agreed upon there. The online confirmations for the [KfW loans] were also completed before the start of construction. The statement from the clerk at that time was that the loan contract would be with us in about 1 to 1 1/2 weeks. That all would have fit. That still fits now since we only have to pay in 2 weeks. What makes me suspicious now is, what does the appraiser want from us?

Hi Marina,

that’s not a bad sign. We also had an unencumbered piece of land and the bank sent an appraiser who basically just looked at the meadow. We didn’t understand it either, but apparently it’s part of the normal process. The best part for us was that we had already cancelled the loan (it was variable) and the appraiser came a second time for the final inspection and then appraised the house. We didn’t understand that at all...

cu


Fun