What is the house appraisal price ?
Home appraisal or appraisal price is the median price at which experts estimate how much a house is worth. to be used as a guideline for setting real estate prices make decisions for buyers Including being the middle price that the bank will use to consider the home loan limit for the loan applicant.
So why home appraisal prices? with house purchase prices are not equal ? h2
The reason why the appraisal price is not equal to the purchase price is because the appraisal price is the middle price assessed from the standard criteria. Appraisal prices are often lower than actual trading prices. When applying for a loan from the bank The bank will give a loan amount based on a price lower than
As for the purchase price, it will be the price set by the seller or the price resulting from the mutual agreement between the buyer and seller in the contract to buy and sell. In general, when applying for a loan, the borrower may have to pay off the remainder of the appraised value themselves.
When is the house appraisal done?
A home appraisal occurs when the borrower makes an application for a loan with the bank.
The bank sends staff to appraise the property that the borrower intends to buy. in order to take the appraisal price into consideration for the maximum loan amount In which each bank or each appraisal company may give different prices.
Why do you have to appraise a house before giving loans?
because the bank really wants to know the value of the house that they want to apply for a loan
How much did you get an appraisal? The price of the house used to request that amount Is it worth it? to consider the loan amount to be correct according to the objectives Prevent borrowers from asking for more than their objectives.
Why do banks charge lower prices than ?
because it confirms that the loan applicant really wants to buy a house
The bank seizes the lower price when considering the credit line. And the borrower still has a part that must be issued first that will help confirm that the borrower really wants to buy a house
home appraisal What are you considering?
Estimated price of the Treasury Department
Home appraised value from the Treasury Department is the median price appraised by the Treasury Department. It is the median price that can be used as a reference for further price setting and appraisal. The appraisal price from the Treasury Department is much lower than the selling price and the market price. and not the appraisal price that the bank will take as the only criterion Just take it as the starting price or base for evaluating.
Market price and location
is the price of the same type of property in the same neighborhood or location If the location is desired With facilities, easy to travel, it will have a high price. Market prices are determined by sellers, investors and buyers. However, in some areas, the market price and the Treasury Department’s appraised value may be similar or lower. but for areas with high demand The market price may be 20% – 40% higher than the Treasury Department’s appraised value.
Other supporting factors
Another factor that indicates whether house prices will go up or down is that “house”, which officials will assess from
- The characteristics of the house that What type of building is it? Single house, townhouse or commercial building, etc.
- Size of house and land
- Age of the house
- Building structure and materials used to build the house
- Condition of the house or building that there is a ready condition there is a defective part need to improve or not
In addition to the above factors Officers may also look at other factors such as furniture, items or other buildings in the title deed that are sold with the house, etc.
Factors affecting house appraisal prices
1.Size and nature of land
land with equal area In a similar location, there may be a big difference in price. Because the characteristics of the land are different, for example, the land has a wide face. almost square It tends to have a higher appraisal price than land that is narrow. have a deep line
2.Condition of the house and land
Available condition of the house ready to live Often get a higher home appraisal than the old home
3.Transportation
Transportation is another matter that affects the appraisal price. Whether it’s roads, access – out of the area or public transportation. Prices of houses and land, they will increase accordingly.
4.Utilities
Public utilities include water and electricity. House that needs a loan Having all the utilities would get a higher appraisal price.
5.Environment
Factors that can measure quality of life If the house is in a location close to important landmarks and amenities The appraisal price of the house will be high.
6.Location and Popularity
If a house or land in one area is highly popular It is wanted by many people. The market price will rebound higher according to demand.
7.Usefulness
Houses and land, if there are characteristics, areas or buildings that can be used more, will be taken into account as well, for example, having a car park, a garden, a pond, etc.
Appraisal of the house price of each bank or company may be assessed at different prices It depends on the consideration criteria of that company. It may affect the price increase, for example, 6 months later, the appraisal price may increase. Because there is a plan to build a train running through
reference information : https://blog.ghbank.co.th/what-to-consider-for-home-appraisal/#ราคาประเมินบ้านคืออะไร
