The Home Appraisal (II)
The appraiser has the right to call for any technical information to the user to carry out their professional work. Thus, it is usually the customer will receive a copy of the draft implementation, building specifications and other documents to assist it in its study.
The expert will review the status of the house and fix the value of the property taking into account many factors such as years of construction, height, community facilities, location and total area among others. Besides documentary will check what the seller and the owner, the occupancy of the dwelling and if you are under some sort of public protection arrangements.
Once the property appraised, the appraised value may lead the applicant to two different situations: the value that society assigns to the property valuation is equal to or greater than that indicated by the customer when the loan request or less than indicated.
In the first case, the application will follow its normal course. In contrast, in the second situation, the continuity of the request will depend on the rate of funding. In general, most mortgage lending institutions grant up to 80% of the appraised value of the home. Therefore, if the rate of funding is within the parameters of the financial institution will loan request in progress. However, if it exceeds the parameters assumed by the bank, it will require a greater amount of customer equity, ie reduce the excess amount requested on the maximum rate of funding to continue with the application.
It should also be noted that the assessed value may be lower than market value at the time of its commission, sometimes up to 15%. This can cause financial problems for the home buyer as lenders limit the amount of lending to a maximum percentage of the appraised value and not on the agreed purchase price.
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