In the mortgage loan, the appraisal fee is one of the loan cost items reflected as an additional expense to the file expense.
The bank asks for the acceptance of certain conditions from the consumers who want to get a mortgage loan.
One of these conditions is the mortgage of the house to be purchased. While the lawyer fee is collected for the mortgage transaction, an appraisal fee is collected due to the expert sent for the valuation of the house.
What is Appraisal Fee?
What is the appraisal fee? While calculating the housing loans, one hundred percent of the value of the house to be purchased is not used as a loan. The bank, which has to learn the value of the house in order to give a mortgage loan, has an expertise report for the valuation of the house. For this, the bank, which has agreed with an expert company, sends an expert to the house to be purchased and determines the loan amount to be given after receiving the report of the real value of the house. The loan varies from bank to bank between 70% and 80% of the value of the house.
The appraisal value is shown in the annual cost rate, unlike the mortgage loan file cost.
Since the appraisal fee varies according to the bank in 2018, there is no fixed fee. These fees vary according to the expertise companies agreed by the banks.
How Does the Expert Determine the Value of the House?
The title deed expert sent to the house to be purchased by the expert company that the bank has an agreement with, determines the housing assessment as follows;
- The location and size of the architectural projects are determined in the municipality and land registry office to which the house is attached.
- Zoning conditions, license and settlement documents are examined.
- Risk factors such as demolition decisions, minutes, court documents, zoning cancellations and penalties, if any, are determined.
- Building Age,
- Housing type,
- Building infrastructure,
- The number and square meter of the house,
- Location of the house (region, island, parcel, block, location on the floor and floor, social and economic location) and transportation opportunities,
- The real estate market is analyzed using the peer comparison method.
- After the examinations carried out, the value obtained is reported.
Can Appeal to Appraisal Report?
Sometimes the mortgage loan may be low due to the house being too low than the purchased value or the erroneous calculations of the adjuster. The bank and appraisal company may be sued for the mistakes made.
In case of acceptance of the case, the experts appointed by the court review the residence and prepare a report.
How Much Are Expertise Costs?
Appraisal costs vary according to the bank and the loan to be withdrawn. Appraisal costs are around 500 TL-1000 TL. While the calculation of housing appraisal fee varies according to the banks, real estate appraisal prices of the banks are on average or appraisal costs are approximately.