Security for sellers - notarized preliminary contract?

Hello,

I have the following problem, or rather question, for the community.

For the property we are interested in, there are several potential buyers. The first buyer backed out, which has made the seller uncertain and now wants to secure themselves. They just don’t want to commit to someone again, cancel everyone else, and then have it fall through.

My first idea would be a notarized preliminary contract – this would involve costs but would secure the seller (How long does it usually take to draw this up?)
What other options exist that I can offer the seller as security?
I have a bank appointment regarding credit approval next Monday. This alone will probably not be enough for the seller.

We really, really want this house and I would be willing to bear the costs of the notarized preliminary contract if necessary. But maybe there is also a different and faster way.

Many thanks,
Hauke

Hi Hauke,

if you are really sure and know that you will also get the financing, then €5,000 cash on the table, which he can keep if you withdraw. There is no need for a notary for that, just a sheet of paper. Then, if you back out, he can have the house sold by the real estate agent and sit back. A preliminary contract at the notary is not significantly faster than concluding the purchase contract at the notary.

Best regards

Exactly. A small contract about a down payment that reduces the purchase price.

That's called a reservation agreement in real estate jargon. It causes certain problems if withdrawn unilaterally.

But today is Friday, he will not have any blank buyers. Wait until Monday and then lay down cash. Only one thing is clear. Only the loan commitment is without risk for you.

Communication and setting signals. That means: you say it out loud, arrange further appointments, and also show happiness in the presence of the sellers. You become committed and personal.