{"id":7458,"date":"2023-04-13T14:37:54","date_gmt":"2023-04-13T14:37:54","guid":{"rendered":"https:\/\/www.ideeimmobili.com\/blog\/appraisal-real-estate\/"},"modified":"2023-05-26T10:48:49","modified_gmt":"2023-05-26T10:48:49","slug":"appraisal-real-estate","status":"publish","type":"post","link":"https:\/\/ideeimmobili.com\/en\/blog\/appraisal-real-estate\/","title":{"rendered":"Real estate appraisal for sale: what it is and how it works"},"content":{"rendered":"\n

If you are thinking of selling or buying a property, it is important that you know what a property appraisal<\/strong> is, especially if there is a mortgage application involved to finalize the purchase and sale. A real estate appraisal is adetailed analysis of the property<\/strong>, which is carried out by an experienced real estate professional and commissioned by a bank<\/strong> or financial institution<\/strong>. In this article, we will find out what a real estate appraisal is, when it is conducted, who requests it, what happens during the analysis, who pays for the appraisal, and what happens afterwards.<\/p>\n\n

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The property appraisal involves a careful analysis of the property that aims to determine the commercial value of the property<\/figcaption><\/figure>\n\n
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What is real estate appraisal? <\/h3>\n\n
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As we mentioned, the real estate appraisal is a detailed analysis of a property, which aims to determine the property’s commercial value<\/strong>. The appraisal is requested by the lending institution and will be carried out by a real estate professional, usually a surveyor<\/strong> or engineer<\/strong>, who assesses the property’s characteristics and state of maintenance. The appraisal also includes an assessment of the property’s market price. A real estate appraisal is usually done when you want to sell a property, but it can also be required for legal purposes, such as in cases of separation or inheritance.<\/p>\n\n

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When is the real estate appraisal done?<\/h3>\n\n
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The real estate appraisal represents one of the fundamental steps to be taken during a purchase or sale, when deciding to buy or sell a home. In fact, establishing the market value of the property is essential in finalizing the disbursement of a possible mortgage. The bank must understand what the value of the property is in order to understand the maximum amount it can disburse to the customer. In this way, the financial institution provides financing proportional to the value of the house to be purchased.Usually, the property appraisal is done subsequent to the \n proposal<\/strong>\n<\/a> or more frequently after the \n preliminary of purchase and sale<\/strong>\n<\/a> and takes place before the \n deed<\/strong>\n<\/a> final. This is because the bank, in order to proceed with the mortgage application and sending the appraiser, requires to see the preliminary, or at least a proposal accepted by both parties.<\/p>\n\n

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Who should apply for the property appraisal?<\/h3>\n\n
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Typically, the request to send an appraiser for the property appraisal is made directly by the bank<\/strong> to which the potential new owner is applying for a mortgage, as it has every interest in knowing the value of the property in order to grant a proportionate and guaranteed amount. However, in some cases, the property owner may apply directly to the bank for a property appraisal in order to obtain financing. In each case, the appraiser is hired by the bank to conduct the valuation of the property and prepare the appraisal report, which is then used to grant the loan.<\/p>\n\n

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What happens during the real estate appraisal?<\/h3>\n\n
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During the real estate appraisal, the professional hired by the bank performs a series of checks on the property<\/strong> in question in order to assess its state of maintenance<\/strong>, quality of<\/strong> facilities,location<\/strong>, and other features that may influence its actual market value.Specifically, the appraiser conducts a review of the structural characteristics of <\/strong>the property, its location<\/strong>, and whether there are any public<\/strong> and private<\/strong> services<\/strong> nearby. Also analyzed are the zoning aspects<\/strong>, intended use<\/strong>, overall floor area<\/strong>, finishes<\/strong>, and general condition<\/strong> of the house.The appraiser also examines electrical<\/strong> and plumbing<\/strong> systems<\/strong>, interior and exterior finishes, and whether there are any structural issues<\/strong>. If necessary, the appraiser may request additional verifications, such as soil analysis, topographical surveys, energy consumption surveys, and more.<\/p>\n\n

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The property appraisal is carried out by the financial institution from which the move is requested<\/figcaption><\/figure>\n\n
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What documents are needed for the real estate appraisal?<\/h4>\n\n
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