How long does a mortgage lending
However, this essentially depends on the creditworthiness of the buyer and how long he must provide the necessary documents. Everything about buying a house and how long it can take to find the right property can be found in our Real Estate Guide. Does a mortgage take a long time? With a construction loan, the term depends on the interest rates. On the other hand, of course, the amount of repayment plays a role. An explanation over at confusers.cz
When is a house bought?
When is a house bought? Finally, in addition to the seller, a notary assessor, a house bank and often a broker, others are involved in real estate acquisition. Even if it is only because you come to an alleged interested party, who in reality only wants to test the market value of his real estate.
Most of the time it takes you to find a suitable apartment after you have decided to buy it. You are only looking for a few days or even weeks. Why does searching in big cities take more time? The search may take a little more time if you want to acquire a property in areas where the request significantly exceeds the real estate supply.
When will a funding application be rejected?
When financing the property, the financing of the house bank is subject to the condition that the property provides sufficient security. Unlike ordinary consumer credit, you are not completely independent in your buying decision. The mortgage lending value is determined by various methods and it is quite possible that the house bank significantly undervalues a particular building.
In 2016, even credit institutions in particularly expensive cities were more inclined to refuse concrete financing, even though the client’s creditworthiness was generally considered good. There is hardly any reliable information on the duration of the property search, but at least there is a not quite new survey from the year 2007.
Afterwards, the search lasted more than a year on average. If both the seller and the acquirer agree, the path to the notarial office is no longer in the way. If the provider is also a private person, the law does not allow for reflection, but for consumer protection reasons, if your business partner is not a physical person.
Nevertheless, the notary employee needs some time to review the sales contract. Which document does the documentary person need? The most important is the decision as to when the buyer will receive the agreed amount. In this case, the notary authorized representative issues the land register extract after receipt of the money. The funds go to the seller if the new owner is really registered in the cadastre.
The disadvantage is that the cadastre can not always respond quickly and the seller occasionally hesitates for a longer time on his fee. In some cases, however, the land registry confuses the timeframe in the first step. This is in your sense as acquirer, because it prevents the seller from being able to decide economically between the conclusion of the contract and the actual change of ownership over his property.
Unfortunately, it sometimes happens that a holiday or illness postpones this process for a few months. The construction of an own house has undeniable advantages over the acquisition of an existing property. The apartment can be adapted to your individual needs and wear or other hidden defects are no problem for you. In addition, a construction project, of course, takes much more than the acquisition of a property and is not only expensive, but also time-consuming and nerve-consuming.
Of course that does not mean that a new building would not be advisable – a building you build yourself is something very special. But you should plan enough buffers both in your household and in your diary, otherwise the dream can quickly become a nightmare. Nowhere are 100% satisfied with the decision to buy, of course, housing buyers are no exception.
However, you can avoid unpleasant surprises by paying attention to a few details before you buy an apartment. Was the object free for a long time? Is the object occupied but advertised for a long time? As a rule, a rented apartment can be terminated until the third day of each month to the end of the month after the next month. To be on the safe side, you can only liquidate it if the house purchase agreement has been concluded with the insolvency administrator and a binding delivery date has been specified.
The saleswoman can withdraw the contract before the notary deadline, which could cause serious problems. In some cases, extraordinary dismissal due to relocation may be possible without regard to the three-month period, but this is subject to very strict conditions. Finding a suitable property is usually the hardest part if you want to acquire a home.
Depending on your budget and area, this search can take several years. Everything can go very quickly from the basic agreement with the supplier and be completed in three to four months. However, you should take into account that there may be unforeseen delays at the house bank or the cadastre office, which hardly affect you.