Appraisal of an apartment for a mortgage: the realities of modern lending

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

For someone who has not de alt with loans, the appraisal of an apartment for a mortgage seems to be a completely insignificant part of the execution of the contract. However, this is not at all the case. According to experts, real estate appraisal is one of the most important processes when applying for a mortgage, because it is on them that the size of the loan and the maximum period for which it can be issued ultimately depend.

Evaluation of an apartment for a mortgage: the importance of

Estimation of the value of a property by a professional is important because, relying on it, a banking organization decides on the amount of a loan. In addition, if it is performed by a professional who is familiar with the requirements of a financial institution, then the probability of a favorable decision for the borrower increases several times.

Also, the appraisal of an apartment for a mortgage determines its most likely value for sale onsecondary real estate market, as well as the size of the discount for the urgency of the sale. Such actions make it possible to avoid reducing the size of the loan, which is often resorted to by banking organizations. That is why any borrower needs to responsibly approach the choice of a specialist appraiser. He must have the necessary knowledge base and strive to protect the interests of his client in relations with the bank as much as possible.

Stages of appraisal work

A truly professional appraisal of an apartment for a mortgage involves a rather extensive and complex set of actions that can be divided into several important stages:

1. First, the location of the object is estimated. The area where it is located, its distance from the center. Accessibility and availability of public transport, environmental conditions. The state of the territory in the immediate vicinity of the property, the state of the infrastructure of the entire area.
2. The second stage is the assessment of the property itself. The following data are important here: the type of the building, the year of its construction, the material of the ceilings and walls, the height of the building and the state of its communications, the presence of an underground garage or parking for cars.
3. The third step is to assess the characteristics of the apartment. At the same time, both its total area and the area of \u200b\u200bthe residential territory are considered. Number of rooms, ceiling height, location floor, condition, presence of a loggia or balcony.

Documentary base for real estate appraisal

Evaluation of an apartment for a Sberbank mortgage should always contain information about the appraiser and the customer of the service. Description of the methods that were used for it, as well as a detailed description of the property with up-to-date photographs. In addition, the document must include market research at the time of the procedure, cost calculation and all documents necessary for concluding an agreement. The cost of assessing an apartment for a mortgage on average ranges from three to five thousand rubles, but in some cases this amount may be higher due to the difficulties in obtaining the necessary papers. A report on this procedure is always drawn up in accordance with legal requirements, and all its pages are numbered and stitched. In addition, the document must be sealed with the seal of the appraisal company.