How much does it cost to appraise an apartment for a mortgage, and where can it be done?

What is a real estate appraisal and why is it needed?

Valuation of real estate for a mortgage in Sberbank - a procedure for determining the liquidity of the purchased property with the help of an independent expert. According to the Federal Law “On Mortgage”, when applying for a housing loan, the borrower is obliged to provide an existing apartment or purchased housing as collateral. Due to the fact that the bank is considered the mortgagee, it requires the payer to carry out assessment activities.

The lender sets the maximum loan size based on the liquid and market value of the premises. This is how the bank insures itself against non-payment of the mortgage loan by the borrower, gaining the opportunity to sell the property and cover costs.

The client himself also needs an assessment of the apartment; thanks to it, the adequacy of the cost of housing is determined. Also, the borrower turns to an independent appraiser so that, being in a difficult financial situation, he can independently sell the apartment at the market price to pay off the debt.

Housing appraisals for mortgages are carried out by accredited organizations approved by Sberbank. However, he also cooperates with private companies, but on the condition that all requirements and conditions of the procedure are met.

To obtain a mortgage loan secured by real estate, you must present a final report with photographs, graphs and conclusions on the property being inspected. According to Sberbank’s terms, real estate valuation for a mortgage is paid for with the borrower’s funds.

Choosing an organization to evaluate an apartment for a mortgage

The process of obtaining a mortgage occurs in several stages.

First, a potential borrower needs to collect the necessary package of documents for the bank to consider his candidacy as a client (For more details, see What documents are needed to apply for a mortgage (list)).
After preliminary approval, an approximate amount is established that the bank agrees to provide as a loan to purchase an apartment.
After this, you can move on to the most important thing - choosing a suitable apartment. However, it must suit not only the borrower, but also the bank as collateral.

What are the features of purchasing a home with a mortgage, read the material from ConsultantPlus. If you do not yet have access to the ConsultantPlus system, you can obtain it free of charge for 2 days.

According to the condition of Article 9, Clause 1 of the Federal Law “On Mortgage (Pledge of Real Estate)”, as amended on May 7, 2013, No. 102-F3, the mortgage agreement, in addition to the lending conditions, must specify the subject of the mortgage and its estimated value. Costs, by definition, fall entirely on the borrower's shoulders.

Which appraiser a potential mortgage borrower will use is his own business. But, as a rule, the bank has a list of recommended appraisal organizations, the conclusions of which the bank unconditionally trusts.

He has no right to insist on choosing one of them, but it is still advisable to choose an appraiser from the list provided by the bank. This will significantly speed up the processing of your mortgage application, because the bank security service will not have to check an unknown appraiser.

An independent appraiser must be legitimate, that is, be a member of any of the registered appraiser organizations (as evidenced by the fact that he has a certificate of membership in an SRO) and have a civil liability insurance policy in the amount of more than three hundred thousand rubles.

The insurance policy indicates a certain experience and professionalism, and in case of an error, it will be able to compensate the customer for damage. The choice of appraiser must be previously agreed with the bank.

The bank also puts forward certain requirements for the preparation of a real estate valuation report. The report must comply not only with the established standards of the Association of Russian Banks (ARB) and the Association of Housing Mortgage Lending (AHML), but also with the individual standards of the bank itself.

The established form allows bank employees to get the most complete and clear idea of collateral real estate. It may contain various specific points relating to both the apartment itself and its location in the house, as well as recommendations for the appraiser on samples to analyze the market value of the apartment.

This is another reason to choose an appraiser from the recommended list who has already completed similar orders many times.

Otherwise, there is a possibility that the bank will reject the assessment report, and the borrower will not have time to order a re-assessment.

What is the job of real estate mortgage appraisers?

The real estate property is assessed only by professional experts, with the proper level of accreditation and a full package of permits.

First of all, the employee collects the necessary information that relates directly to a specific property: year of construction, material of manufacture, degree of wear, number of redevelopments, geographical location, technical equipment, etc. Summarizing the data received, he conducts a detailed analysis and makes an assessment, drawing up a report that includes photographs of the property, graphs, diagrams and detailed conclusions.

The study of a mortgaged apartment can be carried out by an accredited company from Sberbank or an independent expert.

Valuation of an apartment for a Sberbank mortgage. Main Factors

The described assessment procedure is carried out by professional appraisers, who in turn are guided by certain parameters that act as the basis for formulating the final report. Among the main factors on which the actual level of liquidity of a particular residential property directly depends, the following deserve special mention:

Infrastructure of the area in which a specific apartment is located. In the process of assessing this parameter, the appraiser takes into account the availability of medical and educational organizations, as well as retail outlets, highways, etc. within walking distance.
The age of the house in which a particular dwelling is located. Not only its technical condition, but also the layout of the apartments, the quality of communications, etc. depend on the exact year in which the house was built.
The floor on which your chosen property is located, as well as the total number of floors of the house. Experience shows that housing located on the middle floors of high-rise buildings has the maximum level of liquidity. Such housing is usually much easier to sell when the need arises.
The ratio of residential and non-residential space in the apartment you have chosen.
The location of the residential property you have selected. Practice shows that the cost of corner housing is, as a rule, slightly lower than that of similar apartments that are located on the same floor in the central part of the house.
The size of the utility rooms, as well as the area of the balcony. The more spacious the utility rooms and balcony are, the more liquid the housing is considered.
The technical condition of the bathroom, as well as its total area. For apartments with spacious bathrooms, demand is usually higher.
The general technical condition of the residential property, as well as the presence of recent renovations.

Pros and cons of assessments in accredited companies

Main advantages:

Reliability. Companies involved in legal proceedings or appraisers with a criminal record will not be included in the Sberbank register.
Competence. The expert must have the appropriate education, certificate and three years of work experience. Based on these parameters, the bank determines professionals.
Safety. The experts' activities are insured, therefore, if an error is made in the reporting, all the client's costs associated with this will be compensated.

Among the disadvantages of valuing an apartment for a mortgage at Sberbank, the only thing that can be highlighted is that it is impossible to agree with an employee of the company on inflating the cost of the apartment. Also, the appraiser will not be able to change the report if he discovers illegal redevelopment.

What to do if you need to do an assessment with a company that is not accredited

You can order an appraisal of an apartment with a mortgage from any appraisal organization. It does not have to be accredited. But in this case, Sberbank may require accreditation.

To do this, you need to bring copies of the following documents to the bank office:

Certificate of state registration of the company;
Constituent documentation;
Bank card with signatures of responsible persons;
Company insurance policies;
Documents confirming the identity and relevant education of the independent expert;
Documents proving the fact of registration with the tax service.

In addition to this list of documents, you must attach an extract from the Unified State Register of Legal Entities.

All copies must be certified by a notary.

In order for an independent company to be accredited, it must meet the conditions requested by the bank:

Duration of existence – at least 3 years;
The appraiser has the appropriate education and license to conduct appraisal activities;
Entry into a self-regulatory organization of appraisal companies;
Availability of civil liability insurance;
There are no criminal cases brought against the company, as well as penalties, orders and other sanctions.

If the company whose services you used does not meet the requirements stated above, Sberbank may refuse to accept the assessment report. Even if the company responds to them, there is a high probability that the report will be rejected so that the errors can be checked and corrected. All this slows down the mortgage process.

Look at the same topic: How to return Sberbank mortgage insurance?

How appraisal companies are selected to work with Sberbank borrowers

Every year, Sberbank PJSC selects accredited appraisers to interact with clients.
To participate in the program, each company is required to provide a set package of documents to verify compliance with the requirements. The processing time for candidates varies, with an average of 1 month from the date of submission of the request. The list of Sberbank accredited mortgage appraisal companies is posted on the official website. Subsequently, the document provided must fully satisfy the requirements of the lender.

Reports from appraisal companies not accredited by Sberbank are also considered, but provided that the document meets the established requirements.

Conditions presented

Sberbank establishes mandatory requirements for appraisers:

Accreditation procedure

If the company fully complies with the requirements, it receives appraiser accreditation from Sberbank. From this moment on, it can provide services to the bank's borrowers.

The organization does not receive official certificates, but is simply notified in writing of the decision made. After this, the company is automatically included in the list of appraisers accredited by Sberbank.

Why do appraisers need accreditation?

Only accredited companies are allowed to work with Sberbank. They are considered more experienced in their field and have all the necessary information.

Expert opinion

Sergey Bogdanov

Work experience at Sberbank for 12 years.

In most cases, appraisal reports from non-accredited companies are rejected due to the bank's lack of confidence. Such organizations can act as scammers in order to reduce the amount of the down payment and insurance for the borrower.

Does the bank work with non-accredited real estate appraisers?

Without objective reasons, it is illegal to refuse to consider a report from an unaccredited company. The borrower's right is regulated by Federal Law No. 135 “On Protection of Competition”.

Sberbank interacts with such organizations, but on the condition that all documentation meets the established requirements.

How to order an apartment appraisal for a mortgage

The borrower independently orders and pays for the services of an appraiser. The lender allows the possibility of cooperation with outside organizations, but subject to compliance with established requirements.

How to find an appraisal company yourself

Step-by-step search for an appraisal organization:

You can order the service by advertising in a newspaper or via the Internet. The client must choose a search option that is convenient for him.
You need to carefully study the company's website. The presence of a convenient interface, information about the services provided and their cost are signs of highly qualified specialists.
It is important to check all documents confirming the activities of the appraiser. Particular attention should be paid to the SRO certificate and insurance policy.
You definitely need to study all the reviews, not only on the company’s website, but also on the forums.
Experts advise selecting 2-3 options and contacting them for preliminary consultation and clarification of costs.
Make the final choice based on the availability of relevant documents and reviews.

What you need to know before applying

Before ordering from non-accredited companies, it is better to compare all the pros and cons of such a risk. Even if the law allows you to turn to such organizations for help, Sberbank is still skeptical about them. It will take more time to check the submitted report, and if it does not meet the established requirements, it may be rejected altogether.

Important! The services of an appraiser for drawing up a loan agreement for a mortgage are paid by the applicant.

We select an appraiser from the Sberbank register

A complete list of all appraisers from Sberbank is updated annually in accordance with the law, so when choosing a company, it is important to rely on real reviews on forums or Internet portals.

List of documents required by Sberbank accredited appraisers

The future owner of the apartment must provide:

customer's passport;
technical and cadastral passport of the premises;
purchase and sale agreement, certificate of state registration of real estate or any other document of title;
act of acceptance and transfer of housing.

Companies operate in accordance with the law, so the list of securities on the basis of which the assessment is carried out can be changed on an individual basis.

The procedure for assessing an apartment for a mortgage

Having selected a suitable appraiser from the proposed list, you will need to perform the following actions:

First of all, you will need to collect a list of papers that are necessary to begin the assessment procedure.
Next, you need to fill out an application to call a specialist to conduct an assessment of residential real estate.
After you are contacted by the staff of the appraiser company you have chosen, you will need to agree on when and where the appraisal will be performed, as well as pay the cost of the service.

At the time you specify, the appraiser will visit the residential property and conduct a visual inspection. In addition, he will take the necessary photographs. After some time, a report on the assessment of real estate will be generated, which includes three main points:

How the procedure works: algorithm for evaluating a mortgage apartment

Companies use many different methods in their work, but comparative methods are considered the most popular and effective.
The assessment of an apartment for Sberbank is carried out from the point of view of already inspected and sold apartments. The correction factor is also taken into account - the newness of the house, the size of the living space, decoration and infrastructure are affected. The second option is costly. The expert calculates how much money is needed to build a similar facility.

The least popular method is profitable. A property appraiser calculates how much income a property would generate if it were rented out.

The real estate valuation procedure in the second case allows you to determine the liquid value of the apartment, and in the first - the market value. In most cases, both indicators are identical, only occasionally the difference is noticeable.

During the assessment, the expert inspects the premises, takes photographs, compares the actual picture with the BTI plans, identifies potential applicants for housing and checks for the presence of encumbrances.

Collateral Valuation Report

The time it takes to complete a report depends on the complexity of the object; on average, it takes 1-5 business days. Validity period: six months (from the date of submission).

The final conclusion consists of 20-25 sheets of A4 format with signatures of officials. The apartment appraisal report for mortgage includes:

Appraisal company data.
Information about the methods of real estate analysis used.
Information on the appraised apartment.
Comparative analysis of the real estate market.
Liquid and market value of housing.
Applications.

Particular attention is paid to the last part of the document, because... It is there that specific numbers and assessment results are indicated.

Why do banks cooperate with appraisal companies?

The bank cooperates with appraisal companies and invites them to become partners so that borrowers do not waste time searching for an expert. Employees of the organization, taking into account all the nuances and features of the analyzed apartment, will be able to establish the exact market and liquid value of the property. At the same time, the bank will be confident that in the event of non-payment of the debt, it will be able to sell the assessed collateral at the established value.

How Sberbank works with companies or individuals not included in the list of appraisal firms

If the borrower decides to contact an appraisal company that is not accredited by Sberbank, then it is necessary to initially check the company for compliance with the established basic requirements. If any of the points are violated, the assessment report will be rejected.

It can be accepted under the following conditions:

the borrower informed in advance of his desire to cooperate with a non-accredited company;
the appraiser has provided all requested documents for verification;
the lender checked the organization for compliance with business reputation requirements;
Bank employees studied the finished report and checked it for compliance with the established parameters.