Property valuation for mortgage

Real estate appraisal is one of the most demanded services that is not part of the direct process of buying and selling housing. It may be required in a number of cases: a pledge of property when taking a mortgage, an inventory of real estate on account of debt, a section of inheritance, some other legal proceedings, and so on. Due to the peculiarities of the Russian housing realities, the property or apartment most often appears in a communal apartment. And the most common situation associated with the assessment is taking a mortgage loan.

The main criteria for assessing real estate

money

Good Finance, as the main bank of the Russian Federation, fully supports the property valuation service for mortgages. Each large branch of this bank has a small staff of professionals involved in solving problems related to identifying the value of real estate. Evaluation is done in standard and individual order. The standard procedure involves the analysis of urban housing. In 90% of all cases – this is an apartment. What criteria do the evaluators working for Good Finance use?

Infrastructure. For many, this factor is more important than the size of the living space. An analysis of the location of housing with respect to highways, subways (if any), airports (if any), hospitals, schools, kindergartens, shopping centers, etc. , Shopping center (5 minutes walk). And quite close to any major transportation hub and airport. So close to reach it by car could be about 10 minutes. But the noise did not reach the house.

The number of floors in the house and the floor on which the housing is located. Many architects and sociologists believe that this is wrong, but in the Russian high-rise apartment a priori is more expensive. And inside the skyscrapers themselves, the most expensive are those located on floors 5-9. Lowest price at lower floors.

Estimated total area of ​​real estate (residential and non-residential). It is clear that the more living space, the more expensive the apartment. But the size of the non-residential area also seriously affects the price. After all, it indicates how spacious the kitchen, bathroom, closet. Therefore, the experts in the calculations use not only individual indicators, but also the ratio of areas (residential / non-residential).

An important criterion is the year when the house was commissioned. Too old and too new homes are cheaper than those that were commissioned 6-8 years ago. This also includes the material used in the construction and the type of building (layout of the house). At brick buildings the highest cost.

District communications – electricity, full water supply, Internet, telephone, gas, heating. The house can be additionally equipped with gas heating, have connection of several Internet providers. All this goes to plus the cost of housing.

The dislocation of the apartment itself is important – angular or end. Although this is the most uncertain criterion. Some experts estimate more expensive corner apartments. Others, on the contrary, face.

Balconies, loggias and utility rooms, of course, also counted. Their area and arrangement is included in the list of factors limiting the price of an apartment.

Despite the beliefs of realtors that the value of the apartment is the value of the living room, the repair and decoration of the premises contribute to the situation. Particular attention is paid appraisers bathroom. Its quality and design is limited to 10% of the cost of an apartment.

Required documents

bank

Actually, in this regard, Good Finance is not unique. For the same items carried out by experts from other banks. If you want to evaluate a country house, then the procedure is carried out individually. Since there are many additional factors, including features of the landscape, soil, the proximity of large settlements and so on. Real estate valuation for mortgages in Good Finance will require the provision of a package of documents. This includes at least three documents (plus photocopies must be made):

  • passport of the customer-owner. If the customer is a legal entity, then the company details will be required;
  • papers confirming the ownership of real estate;
  • two passports of the building itself (cadastral and technical).

But in addition may be required and other documents. For example, if a property was once arrested. Everything is determined by the purpose of the assessment procedure. If we are talking about the most common case (real estate pledge for taking a mortgage), then these documents should be enough. By the way, it is not necessary that the evaluation be carried out directly by Good Finance for further work with Good Finance.

Accredited appraisal firms and appraisal procedure

Accredited appraisal firms and appraisal procedure

In principle, the bank almost never deals with the assessment itself. Good Finance of Russia on its official website provides a list of accredited appraisal firms. Their conclusions are accepted by Good Finance as their own. This rule is valid throughout the Russian Federation. Only when choosing a company, it is necessary to check the list. The report of a third-party independent company Good Finance is likely to reject. Although it will be enough just to get to the branch of Good Finance and inform about the desire to conduct a real estate appraisal for taking a mortgage on bail.

Bank employees themselves will contact the organization. So, in Good Finance, the order of evaluation works is as follows. First, the future borrower in the selected company draws up a written agreement on the assessment, after which the service is paid in advance. Departure of a specialist appraisal company is carried out on any day, but on weekends the service is almost always more expensive. Work is done only in the daytime. Upon arrival, the appraiser photographs the real estate object in detail, conducts a thorough visual inspection and examines the passports of the building.

After that, the market value of housing is determined and an evaluation report is compiled. 2 copies are taken from the original report, and the original is handed over to the customer. The customer can come to the bank with this report. And you can leave it with the appraiser, so I’ve delivered it to the destination. Also, the employee-pro by mail sends this report in electronic form to a specialist in loans. Copies of the documents required to obtain a mortgage on bail, you can also give the appraiser – he will deliver everything.

It should be said that Good Finance fully relies on the market value stated in the report in terms of the size of the mortgage provided. Perhaps other independent experts will appreciate the property a little more expensive or a little cheaper. For the bank, it does not matter. His policy is determined by the conclusions and conclusions of his own specialists. This is where the evaluation report differs from the simple evaluation report that even the housing department can do.

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *