Poland: What conditions for booking apartments do developers offer

What conditions for booking apartments do developers offer? How much time do buyers have to get a credit decision? Does the method of booking depend on the profile of the development? Some of the questions asked to Polish residential developers.

Zuzanna Należyta, commercial director at Eco Classic:
Oral reservations are made for several days. During this time, customers can check creditworthiness and think about whether they decide to buy. After that, a reservation agreement is signed, which allows them to apply for a loan. Usually the duration of such an agreement is about a month, but recently the time to obtain one has increased significantly and in the case of loans under the 2% Safe Credit program it already reaches 3 months.

Tomasz Kaleta, director of the Sales Department, Develia S.A.:
Our company's reservation system is universal for all projects. Currently, due to the requirements of the amended developer law and the extended time required to obtain a credit decision, reservation agreements are concluded for a period of 2 months. Due to the congestion in banks caused by the accumulation of applications for the 2% Safe Loan, it is possible to extend the reservation for an additional month. We strive to provide the highest standard of service, which is why financial experts are available in our sales offices to guide clients through the entire mortgage application process.

Angelika Kliś, Atal board member:
A distinction should be made between projects where sales are based on the old and new development law. In the case of the old one, reservation agreements are concluded for 4 weeks, and in the case of the new one - for 6 weeks. If a customer asks us to extend these periods due to the credit procedure, we can extend this time by an additional 2 weeks.

At the beginning of this year, we introduced our proprietary "Time to Live" program, which evolved slightly after government subsidies came into effect to take into account new market realities. Currently, the "Time for an Apartment with a 2% Loan" program allows customers to deposit their own funds 14 days after the conclusion of the development/preliminary agreement, and the next tranche up to 60 days after its signing. The program guarantees an unchanged price of the apartment and allows withdrawal from the contract without penalty in case of negative credit decisions.

Mariola Żak, sales and marketing director at Aurec Home:
We tailor the apartment reservation system individually to the buyers' capabilities, as each client may have different deadlines for obtaining a credit decision. In addition, we cooperate with credit counselors, so we receive information on an ongoing basis about the average time of the credit decision process in a given bank. Due to the high interest in units, the increased period of credit applications under the 2% Safe Credit program, we are flexible.

Małgorzata Ostrowska, director of the Marketing and Sales Division at J.W. Construction.:
We book an apartment without obligation for up to 3 days. We have our own credit advisors who, independently of the bank, assess the creditworthiness of investors. If, after the analysis, we see no risk, we sign a development agreement adjusting the repayment schedule to the individual needs of the client and our capabilities.

Piotr Ludwinski, Sales and Customer Service Director at Archicom:
We have an apartment reservation system adapted to market mechanisms, so it responds to the signals that come from it. If the time required to obtain a credit decision lengthens, for example, due to the growing interest in the 2% Safe Credit program, we take a flexible approach to this and extend this time for our customers analogously. We are committed to making the purchase of an apartment a pleasant rather than stressful experience. On a case-by-case basis, if financing is not granted, we make it possible to terminate the reservation contract or swap the apartment.

Michal Witkowski, sales director of Lokum Deweloper:
The method of reserving an apartment does not differ depending on the profile of the project. Customers interested in ready-to-build units, which are an important part of our offer, initially check their financial possibilities, and then a preliminary agreement is concluded, in which we assume a few weeks' time needed to process the loan application and disburse the funds. In the case of estates under development, we conclude a reservation agreement, based on which most banks are able to conduct a creditworthiness check on customers, leading to a development agreement.

Joanna Chojecka, sales and marketing director for Warsaw and Wrocław at Robyg Group:
We offer an attractive apartment reservation system, as well as extensive dedicated expert support in accessing financing. Experts support our clients at every stage of the loan process. In addition, we cooperate with partner banks, thanks to which our clients have easier and faster formal procedures. The services of financial experts are completely free of charge for our clients.

A financial expert will reliably check creditworthiness with 16 banks, and then select solutions best suited to the buyer's capabilities. He will negotiate the best terms of the loan agreement and help complete the necessary documentation.

Source: dompress.pl
Photo: Moja Polnocna - Eco Classic