If we analyze the rules about it indicates that the bank and the borrower must agree on the professional’s choice to be made by the assessment and who should bear the liability of the service. In practice, normally, banks impose the company making the appraisal. For this previously, and as a first board, it should be noted that it has signed a service request, which established clear lines of the following:
a) Identification of the housing that is going to tax, ie, its specific location.
b) professional who will perform the appraisal.
c) The amount of the appraisal.
Know that the amount of valuation so bear in mind, why should that be known in advance amount. Problems arise when, after a property appraisal conducted by the lender denied the loan. What happens then? some tips:
1. Should have signed the request for services outlined above to specify who should pay for the appraisal. It is probably an expense charged to the user, but not a legal requirement, therefore it is their negotiation with the entity.
2. If the loan is denied, the applicant must submit a copy of the original appraisal report performed.
3. The appraisal must be carried out by bodies accredited and registered in the registry that is on the Bank of Spain.
4. This report should serve the user to go to another lender and process the application for a mortgage. Keep in mind that it is duly accredited appraisal companies. It is therefore totally unjustified conducting a new assessment. Enough with the valuation already made.
If in the case of denial of the loan to be delivered to the applicant’s original report made, when there is the provision of credit must give copy of report made. Similarly, the user must also provide data that the appraiser can deliver professional appraisal work. That will give you a copy of the proposed implementation of specifications and any other item to be served on their actions.
In short, to avoid unpleasant surprises, has been signed service request that designated who will conduct the appraisal of the house to be purchased, the amount of the appraisal report and who has the obligation to pay these services.
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