Evaluation of apartments for mortgages: the realities of modern lending

For someone who has not encountered loans, the assessment 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 true. According to experts, real estate appraisal is one of the most important processes in obtaining a mortgage, because it is precisely on them that the size of the loan and the maximum period for which it can be issued depend on.

Mortgage Apartment Appraisal: Importance

evaluation of apartments for mortgages
Assessment of the value of the property by a professional is important because, based on it, the banking organization decides on the amount of the loan. In addition, if it is produced by a professional who is familiar with the requirements of a financial organization, then the likelihood of a favorable decision for the borrower increases several times.

Also, the evaluation of an apartment for a mortgage determines the most probable price for sale on the secondary real estate market, as well as the size of the discount on the urgency of sale. Such actions allow avoiding the reduction in the size of the loan, which banking organizations quite often resort to. That is why any borrower requires a responsible approach to the selection of a specialist appraiser. He must possess the necessary knowledge and strive to protect the interests of his client in relations with the bank as much as possible.

Stages of assessment work

assessment of an apartment for a mortgage of Sberbank
A truly professional assessment of an apartment for a mortgage implies a fairly 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 remoteness from the center. Accessibility and availability of public transport, environmental conditions. The condition of the territory in the vicinity of real estate, the state of the infrastructure of the entire area.
  2. The second step is to evaluate the property itself. The following data are important here: the type of 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 evaluate the characteristics of the apartment. At the same time, both its total area and the residential area are considered. Number of rooms, ceiling height, floor location, condition, availability of a loggia or balcony.

Documentary base for real estate appraisal

cost of evaluating an apartment for a mortgage
The appraisal of an apartment for Sberbank mortgage must always contain information about the appraiser and customer of the service. Description of the methods that were used for it, as well as a detailed description of the property with current photos. In addition, the document should include market research at the time of the procedure, cost calculation and all the documents necessary for concluding the contract. The cost of evaluating an apartment for a mortgage averages from three to five thousand rubles, but in some cases this amount may be greater due to difficulties in processing the necessary papers. A report on this procedure is always issued in accordance with legal requirements, and all its pages are numbered and stitched. In addition, the document must necessarily be sealed by the appraisal company.

Source: https://habr.com/ru/post/A13622/

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