Check24 Experiences - Temporal Procedure for Construction Financing

Hello everyone,

Regarding advice and financing proposals, we have had good experiences so far with Check24 construction financing. Now the question arises as to how one can/should proceed with them in terms of timing.

If you accept a financing proposal from Check24 (= signed loan brokerage agreement (financing proposal)), the next step is to submit the signed loan brokerage agreement together with all documents to Check24. These documents are only forwarded to the selected bank for review at that point. This review currently takes about 10 days. If the review is positive, the bank signs the contract and the loan agreement is concluded. From that moment on, the 14-day revocation period begins, so the notary appointment should also fall within this period (meaning it should already be arranged with the notary today).

But what happens if after 10 days we learn that the financing with this bank cannot be realized (for whatever reason...)? Then we have to start from scratch elsewhere and postpone the notary appointment. From our point of view, it would be more manageable if there was some time between the bank’s review and the mutual contract signing to arrange the notary appointment. This way, one can better respond to a financing that does not come through.

Does anyone have experience/recommendations with Check24 in this regard?
Thank you very much!

As long as your financing is not on shaky ground, you simply go to the next bank if the first one declines. I consider this panic about going to the notary "without money in your pocket" to be exaggerated. We have no credit crunch here, and buyers still choose the bank, not the other way around (under the above-mentioned premise).

Never bet on one horse. Contact your main bank and another broker.

It may be that suddenly worse interest rates are offered than originally thought. For example, if the bank values the property lower than expected.

So as an experienced broker, one can weigh how certain a commitment can be or not.

Has the broker from Check24 conducted a property valuation? If yes, does he have an idea of what the house might be worth to the bank, and where the loan amount lies, and with these two figures can he say: this fits, or it could get tight?

And different banks assess differently... I myself recently experienced:
Purchase price €360,000, HypoVereinsbank did not want to finance it (because they only determined a value of €308,000, wanted to finance max. €292,000) and in the end the customers got the financing through XY Bank (fictitious, I do not want to advertise here), which valued the house at €401,000.
(By the way, I had previously valued the house and recommended to the customers not to submit it to HVB, but directly to XY, based on the valuation)
However, the customers really wanted the cheaper interest rate from XY...
After the rejection from HVB, or rather the counterproposal to provide more equity, the customers then financed with XY, who in the meantime had adjusted the interest rates upward.

Just as a report from experience.

Currently interest rates are moving upward, meaning it is good to always have an ace up your sleeve. In the end, it is nice to have 2 commitments to choose from, rather than one rejection and having to start over, which also takes time...

Hello everyone, Regarding advice and financing proposals, we have had good experiences with Check24 home financing so far. Now the question arises as to how one can/should proceed with them in terms of timing. If you accept a financing proposal from Check24 (= signed loan brokerage order (financing proposal)), you submit the signed loan brokerage order together with all documents to Check24 in the next step. These documents are then only forwarded to the selected bank for review. This review currently takes about 10 days. If the review is positive, the bank signs the contract and the loan agreement comes into effect. From this point, the 14-day withdrawal period begins, so the notary appointment should also fall within this period (i.e., should already be arranged today with the notary). But what happens if after 10 days we find out that the financing with this bank cannot be realized (for whatever reason...)? Then we have to start from scratch elsewhere and postpone the notary appointment. From our point of view, it would be more manageable if there were some time between the bank’s review and mutual contract signing to arrange the notary appointment. This would also allow better reaction to a financing that does not come through. Does anyone have experience/recommendations with Check24 in this regard? Thank you very much!

We inquired with about 5 financial brokers and 3 or 4 regional banks. In the end, it was MBS that made the best offer. However, this one was not on the list of any of the financial brokers.