An appraisal is a document issued by a qualified professional, usually a technical architect, who assesses the market price of a real estate property.
Real estate appraisals are not only carried out when one is going to sell a home, they should also be carried out when buying a property to really know if what is going to be paid for the house is correct.
For this reason, when buying a property, we recommend having an official appraisal carried out by a technical appraiser and, in order to grant greater objectivity in the process, the appraisal must be reviewed and ratified by an Appraisal Company.
This appraisal is made taking into account the meters of the house, recent sales in the area, age, state of conservation, environment and construction materials, among others.
Secondly, let’s imagine that a seller puts the price of his home above the appraisal value, that is, he asks for his house and it turns out that, when carrying out the appraisal.
This does not prevent you from buying it, but the bank will not grant you more than 80% of the appraised value because said value is your guarantee in case of non-payment.
And third and last, it is important to do an appraisal to find out if your dream home has a reasonable value.
At Property Buyers , we carry out all the procedures you need to buy a home, saving you time, money and worries. If you want to know our services, download our Buyer’s Guide.
