The present invention relates to the preparation of heterogeneous, water-resistant polyvinyl ester dispersions having a film-forming temperature of below 10.degree. C., comprising the formation of a homo- or copolymer A, having a glass transistion temperature of more that 20.degree. C., by seed polymerization of a monomer mixture comprising 85-100% by weight of a vinyl ester of carboxylic acids having 1 to 18 carbon atoms,0-10% by weight of an .alpha.,.beta.-unsaturated carboxylic acid and/or of an N-functional compound and0-5% by weight of a polyethylenically unsaturated monomer in the presence of a seed base comprising a copolymer B having a glass transition temperature of below 20.degree. C., comprising45-98% by weight of a vinyl ester of carboxylic acids having 1 to 18 carbon atoms,2-50% by weight of an .alpha.-olefin having 1 to 4 carbon atoms and0-5% by weight of a polyethylenically unsaturated monomer.