Order ECO/805/2003, of March 27, is the Order that regulates the legal regime to which the value of an appraisal must be adjusted. According to the Ministerial Order, ECO appraisals must be carried out whenever a buyer needs a mortgage loan to purchase a property.
REAL ESTATE VALUATION:
In theory, anyone is free to value a property, meaning giving an approximate value to the property. A property is worth what the buyer wants to pay for it. The results of these evaluations are not recognized by any authority, they are merely informative.
VALUATION REPORT:
(Performed by a competent technician). It is a valid assessment before any administration or organization, as long as the technician certifies his or her own knowledge of the subject to be assessed. The only exception would be the purpose (Inheritance, judicial, divorces...etc).
"All properties can be appraised, but you must be sure of the type of appraisal you require and for what purpose. Always ask an expert technician to carry out the appraisal; they will recommend the qualified professional in the matter."
Mortgage Valuations in Tenerife: Everything you need to know
Hello, are you looking for information about mortgage appraisals in Santa Cruz de Tenerife? If so, you are in the right place! Let me tell you everything about this very important process, as if we were chatting on a terrace facing the sea.
What are mortgage appraisals and why are they needed?
Mortgage appraisals are official valuations of real estate assets. These are carried out to determine the value of a property in the real estate market. They are essential for any financial or banking entity that is going to grant you a mortgage loan, since it allows them to know the real value of the asset that guarantees that loan.
Who carries out these appraisals?
The appraisals are carried out by approved Appraisal Companies that have the best professionals in the sector, such as Susana de León, who is registered in the Official College of Quantity Surveyors, Technical Architects and Building Engineers of Santa Cruz de Tenerife.
How much does a mortgage appraisal cost and who pays for it?
The cost of an appraisal can vary depending on several factors, including the size of the property or its urban situation. Generally, it is the loan applicant who is responsible for the appraisal costs, since it is a mandatory document required by the banking entity.
What do you look at in a home appraisal?
During the visit to the property, the technician evaluates various aspects such as square meters, energy efficiency, urban situation and comparison with other similar real estate assets in the area.
How long does the process take?
Once all personal and property information has been requested and provided, the appraisal report usually takes between one and two weeks to be ready. This appraisal has an official validity that complies with the terms established by European regulations and national valuation standards.
Do you need an appraisal company in Tenerife?
Here at susanadeleon.es we offer appraisal services, valuations and more. With a highly trained technical team and extensive knowledge of the Tenerife mortgage market, we are your best option. Whether you need a MORTGAGE APPRAISAL, MORTGAGE VALUATION or VALUATION REPORT, we are here to help you.
The Bank of Spain, in its work of supervision and regulation of financial entities, establishes the need to have an official appraisal for certain operations and financial purposes. Appraisals carried out by a recognized Appraisal Company guarantee the accuracy and reliability of these reports. It is important to note that to carry out these real estate appraisals, a simple note of the property is often required to validate certain data. Thus, if you are looking for an official valuation for financial purposes, make sure you go to an Appraisal Company endorsed by the Bank of Spain.
