Do you know what factors influence property valuation? And in what situations is it required, in addition to what documents are needed? For the constitution of a mortgage loan, it is essential to perform this valuation and the client must know some important aspects so that he is not harmed.
Property valuation allows the financial institute to know how much the home is worth and thus make a decision on whether to grant you a home loan. This, then, is a cost that you will have to bear right from the start of your home purchase.
In order to get a more concrete idea of what the real cost of the loan you need to obtain, you should look at the full amount mentioned for the consumer, as this reflects all the charges related to the financing, including the property assessment fee.
Who does the property valuation?
This process, which is supported by the home buyer, must be performed by a specialized entity. Thus, the banks themselves charge a property assessment commission to carry out this process and, thus, decide whether, and on what terms, to grant the financing.
However, the buyer himself can (and should) carry out an independent real estate valuation of the house he intends to buy, since the consumer has to give an estimated value of the house to the bank.
It is then possible to use four real estate appraisers:
- Specialized companies or self-employed technicians who carry out assessment;
- It is likely to use some property assessment sites , not paying anything for the process;
- Some banks are beginning to provide a property assessment service as well that is free from their mortgage loans.
The perfect is to hire Long Island Real Estate Appraisal Firm, a specialized agent, to obtain a thorough and full report.