How to do the appraisal of a house
The appraisal of a house is one of the most important procedures that are carried out when we are going to buy a house since, precisely, the appraised value of a house will be the key factor to determine the amount of money that the bank will lend us to acquire the House. To know the importance of this procedure, in .com we explain how to do the appraisal of a house.
What is the appraisal of a house
Broadly speaking, the appraisal of a house is a report prepared by a professional called appraiser, which stipulates the value of the home based on the characteristics presented as size, surface, location, equipment, quality of materials, seniority, etc.
Appraisal report of a house
The appraisal report of a house is a very detailed work that the appraiser draws on the basis of specific valuation standards and, for this, has the right to ask the client all the information that is necessary to establish the value of the property when consider timely.
Who pays the appraisal of a house
Usually, the person who must cover all the expenses involved in the appraiser's service is the buyer or applicant of the mortgage, even though the law stipulates that it would be fruitful if an agreement existed between both persons, that is, between the appraiser and the appraiser. The buyer.
Appraisal value of a house
In short, we must know that it is strictly necessary to take into account the appraised value of a house to apply for the mortgage loan and start the purchase process. The maximum amount of the loan will always be determined by what the appraiser has specified in the report and the financial institution, in turn, will ensure that the money to be lent is not superior to the value of the home that goes to be bought.Tips
- The appraisal must be done by an accredited financial institution and registered in the Bank of Spain Registry.
- It is important to hire the services of a professional appraiser.