Current processing time for construction financing applications at banks

2020-12-30 21:25:42

Wishy-washy (non-binding letter stating that the bank can imagine financing – subject to complete property and credit checks).

Nevertheless, it makes an impression and shows seriousness if you can present this non-binding letter on the day of the viewing. Of course, this only works if the bank advisor already has all the financial documents at that time and if the exposé and the price look reasonable at first glance. I have requested such a letter twice and received it from the bank on the same day.

That you can't even view the property without it.

Totally ridiculous, because it deters potential buyers. But with a proper exposé, you do get the letter, see above.

2020-12-30 21:54:42

Nevertheless, it creates an impression and seriousness if you can present this non-binding document on the day of the viewing. Of course, this only works if the bank advisor already has the complete financial documents at that time and if the exposé and the price are coherent at first glance. I requested such a document twice and received it from the bank on the same day.

Totally off-putting, because it scares off potential buyers. But with a proper exposé, you do get the document, see above.

Honestly? As a seller, I would rather schedule viewings with buyers who can actually afford the house. That is also in the interest of potential buyers if they don’t have so many competitors or don’t want to wait forever for an appointment.
How am I supposed to know if an interested party is even solvent and not just bored?

2020-12-30 21:58:08

How am I supposed to know whether a prospective buyer is actually solvent and not just bored?

You can't know in advance. You have to sort them out beforehand over the phone using intuition. Anyone who bargains without having seen the house is out. But there are many who are still at the beginning of their house search, simply not yet ready to get these documents. Likewise, all prospective buyers who are only looking for a loan through brokers. Not every broker can or wants to issue such certificates.

2020-12-30 22:13:08

Where am I supposed to know whether a prospect is even solvent and not just bored?

You can only know if he shows you his equity or a loan agreement. However, the (non-binding) financing confirmation already shows a) a high interest and b) a basically possible financing.

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Current processing time for construction financing applications at banks

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