Behavior in case of imminent delay by the property developer

From July this year?
Are you actually better off with the commitment interest than with the interest on your loan? I can hardly imagine that. When was the financing completed?

Yes, July this year. We financed in July 2022. Of course, a disbursement of the loan is not possible without construction progress.

Thanks to - that’s how we see the situation so far as well.

With all the information you have provided, I have a question: Could it be that you are talking about the Innerste Aue project in Sarstedt by Norddeutsche Wohnbau and that you purchased one of the townhouses?

You seem to know the market very well. That the developer is known to be reliable pleases me of course - I hope that this will be confirmed.

I know some projects of Norddeutsche Wohnbau personally and they were all completed on time. I suspect, however, that it is also common for them to start building only after at least 50% of the units are sold, and that you were simply too hasty because you still expected a strong market. But with Volksbank backing you now, I wouldn't worry too much. They will surely find a solution for you.

Thank you for your insight and nice to hear that you have had good experiences. The assumption that a certain share must be sold was expressed unanimously. I am curious to see what solution the developer will propose - at the current price it is apparently difficult to sell the houses and apartments.

Well, what is he supposed to suggest? He has you hooked, the contract does not provide for specific compensation, and you do not even know legally whether the building permit is really final, so he could start if he wanted to.

According to the information from the thread, we are making an effort to obtain the BT's view on the deadlines. Then we will see further.

Viebrockhaus has been advertising a construction time of 3 months for ages, which is usually adhered to. Therefore, I am surprised that you want to sound the alarm already when, according to the general contractor, it is supposed to start in November? Even if it turns out to be July or August next year. Compensation would only be owed to you if moving in is not possible in May and the general contractor has done everything to meet this date. Everything that accrues until then, such as standby interest, double burden, etc., is your problem anyway. If you don’t believe that the general contractor will start the project promptly or finish on time, although I wouldn’t make a fuss over 2 or 3 months here, then you have to get out of the contract. Everything else is endless anxiety.