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Do you have a home equity appraisal? Here are 4 tips for your buyers
People often do more research on the car they want to buy than on the house they are about to buy. Improve the relationship with your clients with these four tips for buyers before conducting a property appraisal.
Many people believe that after paying the money for the mortgage appraisal as part of a loan application they are finished with this process. When much of this money ends up being for the institution or financial entity making the loan.
And while paying for an appraisal helps protect buyers, it can create problems with the purchase of their chosen home. Here are four tips for your buyers to get the most out of their home appraisal.
Get to know the mortgage appraisal in depth
A mortgage appraisal is used to determine the value of the property on which the loan will be received. Knowing this is important because your buyers will then want to know that a poor condition or low equity in the property can reduce the loan they are about to receive.
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First, the appraiser must be registered with the Sociedad Hipotecaria Federal to be authorized to carry out a mortgage appraisal. Likewise, the appraiser will inspect the property and determine its specific characteristics, from infrastructure, state of conservation and proximity to transportation and services.
On the other hand, the mortgage appraisal requires the property to be compared to homes in similar condition to determine its place in the market. Your buyers will want to know if these homes are really comparable and how they could end up affecting the final value of the property they will buy.
Prepare them for additional requirements
Your buyers should know that a real estate appraisal has a cost, and depending on the type, there will also be a different calculation. For the mortgage appraisal, many financial or housing institutions have their own methods and fixed fees, or there are alternatives such as calculating according to the square footage of the property, or the resulting total cost.
It is also important that you investigate and know the legal guidelines for the appraisal in your state or municipality. In Mexico, each state has the power to designate the procedures to be followed to carry out real estate appraisals. This information can always be found in the Official Gazette of your congress.
Identify problems on the property
One of the most crucial points for your buyers is that they know the property in detail. There are aspects that cannot fail to be valued and that can make a difference in the final price of the property. Advise your buyers to make a list of all the advantages and disadvantages of the property's conditions.
Although there will be a home appraiser in charge of doing this inspection, what buyer wouldn't want to know the condition of the property they are about to buy? Many things can be identified with the naked eye, a poor state of the infrastructure that is visible can already be a red light. The electrical installation, drainage or plumbing system are always factors to take into account.
Consider the capital gain of the property
Although the capital gain of a home already includes its physical condition, it also takes into account the location of the property, its proximity to transport services, shopping centers and even its potential value growth in the future.
Your buyers must take these aspects into account, not only because they will determine the possible value of the property, and therefore its loan, but also to know what the conditions of the properties with which it will be compared as part of the real estate appraisal will be.
To advise your buyers on this or another type of appraisal, you can rely on our guide to real estate appraisals, where they will find more about the different types of appraisals that exist and what processes to follow.