Existing property purchase: Process after viewing? Information at the office?

We want to buy an existing property, but we don’t have a specific one in mind yet, although we have already looked at quite a few. Unfortunately, the right one hasn’t been among them so far or was clearly overpriced based on the perceived price.

The idea of the property is that one can move in quickly and still do some renovations themselves. So it shouldn’t be a ruin, but it doesn’t have to be completely fully renovated and perfect either.

Let’s imagine we visit a property and say that we can imagine buying it. Besides the financing approval that the seller wants to see, I will need to be interested in things in order to estimate follow-up costs and know that I am not buying a pig in a poke. Everything is sugar-coated by the broker, and one doesn’t learn the truth or even get a real judgment like “it’s doable” or “better stay away from it.” Unfortunately, I don’t have anyone in my circle of acquaintances whom I can consult.

So how should one proceed tactically if one has serious buying interest (and these days it usually has to go quickly)? You don’t get a building and valuation report when buying through a broker.

- I imagine definitely doing another house viewing with a building expert (certified civil engineer or appraiser who preferably also evaluates properties for forced auctions). They then have to give me their assessment. An appointment with someone like that should be arranged quickly. But before I do that, I first have to clarify other things, because I have to pay the expert, and I want to pay that only if I will most likely buy the property.
- What should one inquire about at various authorities? Unfortunately, I have very little knowledge about a) which authority and what usual buyers typically ask and want to know.
- Topic land register: I have very little knowledge about it, but I don’t want to sit at the notary and find out that someone still has a lifelong right of residence or some nonsense like that. I probably have to read up on this first or is there a quick explanation somewhere?
- Cadastral map: What do the professionals read from this? If others still have a right of way, that should probably be evident from it?
- Furthermore, the seller must still have an active building insurance; they must not cancel it in the meantime. Hard to imagine if the house burns down during the purchase process!

So how can I inquire about or exclude such negative things that would be bad for me? What do the savvy real estate buyers do?

Thank you for your response!

Maybe I expressed myself incorrectly: Yes, it should be a well-maintained existing property, but as mentioned, it doesn't have to be perfect in every aspect.

In general, you should be given a period of about two weeks before the purchase, during which you can already read and possibly have the notary contract reviewed. The broker should provide you with the documents, after all, they make a lot of money. Unfortunately, some brokers do not always share the same opinion on this.

You write that most properties are overpriced and that it usually has to go quickly. Right now is probably the worst time to buy a property, as the market is almost swept clean. At least here with us. And the remaining stock has not been sold for no reason. Either the owner hopes to find a fool who is desperate enough, or the brokers artificially drive up the prices.

The argument with "quickly, before it’s gone" always came from the brokers we were in contact with. But honestly, no one with any sense buys a house out of the hip shot for €200,000 or more. It’s even more extreme with plots of land. They brag about waiting lists and so on. In the end, we made our broker wait for 4 weeks, and then learned from the sellers that we were only the third interested party at all. The others had long given up because there is a kindergarten 50 meters away from us.

So the broker put on a big show here and tried to influence our decision-making. That’s why it’s better to wait one day longer than to sign too quickly.

I think that’s what distinguishes a smart real estate buyer.

Further tips: Ask at the municipality what construction measures are planned in the near future. You don’t want to move in and then the street gets redone or the sewer gets relocated. That will hit your wallet hard. Ask if all invoices have been paid. Even with existing houses, there can be outstanding bills with the municipality or suppliers. Those then become your responsibility. All encumbrances still registered should be in the land register, and even if there are still mortgages registered, it can happen that your bank refuses to finance the property. Therefore, your bank should also be able to take a look at the land register in advance.

And that always takes time.

I hope that helps a little.

Thanks for your answer!

Maybe I expressed myself incorrectly: Yes, it should be a well-maintained existing property, but as said, it doesn't have to be perfect in every detail.

The question is, what do you understand by good, and can you decide that? It's better to pay an expert twice too much than once too little. They are not that expensive. But a small bad purchase can easily cost you tens of thousands.

That's how it is. The word tactic should also be reconsidered. We have just sold our house (because we are building a new one). I was happy to have a second viewing with a craftsman, appraiser, or architect. It should just happen promptly. Usually, a property is not sold in three weeks. Even slower with an agent. I was better prepared (insight into invoices, monthly costs, cadastral map) than the agent who wanted to sell the same townhouse next door (the property still isn't sold ). So, three weeks came and went. Three weeks still came, those who initially went left, came back... and then, hesitantly, the tactical offers came after 6 weeks. Unfortunately, one of the quick ones already got the acceptance. You can see a good property, and sometimes you can feel it too (good living atmosphere, light)... and then you should already know your financing framework.

It really makes little sense at the moment to buy an existing property.

That's basically true. But I live in the here and now, not in 5 years. Furthermore, my quality of living by renting won't get any better. And ultimately, the money in my account won't become more valuable either.

Or think about new construction

I have thought about that too and come to the conclusion: 1. The reasonable plots in established locations are too expensive. 2. The prices for materials and craftsmen have also risen. Overall, it does not get cheaper. On top of that, all the stress. No, that's not for me. I want to see what I buy, make the contract, and change the locks.