Evaluate the object correctly - the right strategy

But the question is how far you get if you approach the house hunting like this in the current situation.

I'll put it this way, I lived in Hamburg before the current apartment and we got the very nice apartment there even though we didn't bring an application portfolio to the viewing appointments…

There can't be much wrong with it, unless there are structural defects - I think an expert needs to be involved on the second visit

Theoretically, if I like it, I first have to clarify financing.

Has anyone of you ever put down a bit of cash to underline seriousness? Financing certainly takes some time.

Our offspring got the keys to their new second-hand house last Friday.

About a month ago or so, we got a call from them telling us to take a look at the exposé. Both of them had a good feeling and looked at it twice. I was the one who did the calculations. I advised bringing an expert on board, but no chance: the broker announced before the weekend that whoever presents the financing confirmation first gets the house. On Monday, our son-in-law first negotiated with the bank... After two years of land rejections, a child, and other changes, you have to know when to act.

However, if all this takes place in a hot market, as a prospective buyer you should be aware that in case of doubt you are competing against others who have a general financing confirmation (no idea what exactly it is called, basically a confirmation from the bank up to which amount they will finance if the property fits) at the first appointment and skip the second appointment to immediately commit. You don’t have to let this drive you crazy, but such people do exist…

I'll put it this way, I lived in Hamburg before the current apartment, and we got the very nice apartment there even though we didn't have an application portfolio with us for the viewing appointments...

We didn't have an application portfolio either. Why would we, I never intended to make myself appealing to anyone. It's about a business, not about offering yourself personally to someone.

But we had dozens of viewings, including some houses we would have wanted, unfortunately others always responded faster than we did, so we didn't get the properties.

At one "mass viewing," it was even the case that one interested party immediately committed and the sellers were also totally surprised because then some others directly expressed their interest right after. We left the viewing immediately back then.

I see it now with my sister's house as well. There is a family who really wants the house, but unfortunately they were later than those who have now been awarded the contract.

Regarding the financing confirmation in advance - how is that being done? I can go to any bank and have it prepared, but that doesn't mean I'll get the best offer there. Especially since I see constructions here with multi-part loans, etc. Or do I just throw the confirmation away after approval and take care of the loan once I have been awarded the contract.

Regarding the financing confirmation in advance - how is this realized? I can go to any bank and have it prepared for me, but that doesn’t mean I get the best offer there.

Yes and no. You go to any bank (your home bank) and clarify your financing framework. Practically the maximum amount the bank would give you. If the specific property fits within that, then you get this confirmation directly. Of course, it is completely non-binding and it also states that on it. Interest rates are not discussed at all at this stage. That part of the negotiations comes later.

Especially since I see constructs here with multi-part loans etc. Or do I just throw the confirmation away after the approval and take care of the loan once I have been awarded?

You don’t need financing constructs for the confirmation. It’s just a confirmation that the bank could imagine financing with you because the framework data fits at first glance. What the actual financing looks like is completely open. The purchase price plus possible renovation just has to be within your financing framework. That’s all.

Thank you Tassimat, but I can also receive such a confirmation without an object, right? Otherwise, it is somewhat pointless since I want to use it for the search.