You have a flat and you want to apply for a mortgage . You want to sell your house but you don’t know how much it is worth. You get divorced and need to split everything in half, including your flat. What do you do in such cases? You have to appraise your Adelaide Property Valuation.
The appraisal is basically when an expert visits your house and establishes its price. Today we will tell you everything about how to appraise a flat, and what you have to do as the owner of the property.
The appraisal is a document, prepared by a qualified professional or appraiser, that establishes the value (market price) of an asset, in this case a Adelaide Property Valuation. The valuation is carried out by applying legal regulations , which dictate a specific methodology and compliance with a series of criteria.
The appraisal must specifically specify its purpose. This is key, as how a home is appraised and the methods the appraiser uses to establish its value change depending on how the appraisal is to be used.
It is important to remember that the appraisal documents of a flat are valid only for a certain period of time, since the market price is affected by variables that can change very quickly.
There are two main moments in which you may need the services of an appraiser: if you are going to apply for a mortgage at the bank , or if your flat is subject to a legal process such as an embargo, inheritance or the like. If Wikipedia you want to know how to appraise a flat, you are probably facing one of these two moments:
- In the case of mortgage appraisals . Appraisal agencies authorized by the Bank of Spain are in charge of preparing the appraisal document for the purpose of granting mortgages by banking entities. The regulations require that the appraisal company be totally independent from the financial entity that grants the mortgage.
- In the case of judicial appraisals . When the distribution of assets is necessary, such as in cases of inheritance, divorce or seizure, among others.
- In the case of commercial appraisal . When you want to know the value of a flat before putting it up for sale or buying it.