Is a preliminary contract possible when buying a house?

Hello everyone.

I took some time "zwischen den Jahren," read a lot here, and decided to register here, so "SERVUS MITEINANDER" ;).

We are about to buy a house. The property was offered months ago at €199,000, now "reduced" to €185,000. This week we looked at the house inside and outside, and it appeals to us.

Now to my questions: Is it possible to conclude a preliminary contract with the agent? How long is this preliminary contract valid?

We still need time to talk to our banks and to roughly estimate renovation costs with some craftsmen.

Can someone help me?

Thanks in advance!!!

Hello,

Is it possible to conclude a preliminary contract with the broker? How long is this preliminary contract valid?

Ask the broker if he agrees to a purchase contract with a right of withdrawal in case the financing does not materialize. According to all experience, the current owner/seller must agree to such a procedure, of course the demand for the property also plays a role.

Then you will also find out how the contractual design of such a withdrawal clause will look like => duration, requirements, etc.

By the way - considering the number of questions you post here and your lack of knowledge regarding house renovation/refurbishment, it is also advisable to involve an expert - specialized in existing properties - for the project. He will not only be able to tell you about the building fabric of the favored house but also name the expected costs of renovation/refurbishment.

Kind regards

Thank you for the quick response!

The appraiser is already informed and will, if everything works out, take a look at the property next week.

I do have a lack of knowledge when it comes to house renovation/rehabilitation, but this forum is also for people like me, who are in their mid-20s and just don't have much experience, right? Otherwise, please let me know! :(

Hello,

I am inexperienced when it comes to house renovation/restoration, but this forum is also for people like me who are in their mid-20s and just don’t have that much experience, right? Otherwise please let me know! :(

Of course, the forum was created exactly for this purpose. However, you will quickly realize that not every one of your questions can be answered to your satisfaction can. For that, you would need to provide more information about the property, which you currently do not have available yourself. Furthermore, the range of possibilities is far greater than the feasibility; that is why I recommended an expert to you.

It’s good that you have already commissioned one! He will be able to give you an initial overview of costs so that you can work with reliable figures. This will certainly lead to further questions, which the users of this forum will gladly answer based on their experiences.

Kind regards