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Old 10.12.2010, 11:22
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Housing Appraisal

I am interested in buying a house and am trying to figure out how to get a sense of the appropriate price. In US or Canada, I would get 3 or 4 comparable sales either through an agent or from public records at city hall. Neither of these really seem that applicable here? Has any one used an Appraisal Service? What were the fees? Any advice?
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Old 10.12.2010, 11:25
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Re: Housing Appraisal

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I am interested in buying a house and am trying to figure out how to get a sense of the appropriate price. In US or Canada, I would get 3 or 4 comparable sales either through an agent or from public records at city hall. Neither of these really seem that applicable here? Has any one used an Appraisal Service? What were the fees? Any advice?
If you are getting a mortgage, normally the bank will carry out a review to see if they feel the price you are paying is appropriate. Not sure if it is 100% accurate, but it should give you some comfort that you are not being ripped off.
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Old 10.12.2010, 11:32
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Re: Housing Appraisal

Yep - speak to your bank.

Ours did a pretty thorough appraisal as part of the mortgage process - afterall, they want to be sure they are making a good investment as well. The bank would limit the mortgage (or even refuse) if the house was appraised as not worth the selling price.

In addition, we had an architect look at the house before signing on the dotted line to give us an idea of structural issues and renovation costs, similar to a US housing inspection. The bank gave us the name of someone they recommended. It was a tad tricky, as the seller at first refused to allow this - it was only when we told her that without an inspection we would walk away that she relented.

(When a seller gets cagey about such things, you know that they are indeed necessary.)
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Old 10.12.2010, 11:41
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Re: Housing Appraisal

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I am interested in buying a house and am trying to figure out how to get a sense of the appropriate price. In US or Canada, I would get 3 or 4 comparable sales either through an agent or from public records at city hall. Neither of these really seem that applicable here? Has any one used an Appraisal Service? What were the fees? Any advice?
The HEV does appraisals on behalf of the home owner (seller) who should have the appraisal on hand for a potential buyer to see.

Homeowners carry obligatory house insurance and there is a value on this. The bank often uses this information as a guideline. It does not include land value. A homeowner who is selling a property should have this on hand for a buyer to see.

Real estate agents can do appraisals too but some are more qualified than others. Look for an appraisal from someone who is a "Schätzungsexperten-Kammer SEK/SVIT". These are individuals used by notaries in the case of estate sales and auctions.
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Old 10.12.2010, 11:46
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Re: Housing Appraisal

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Yep - speak to your bank.

Ours did a pretty thorough appraisal as part of the mortgage process - afterall, they want to be sure they are making a good investment as well. The bank would limit the mortgage (or even refuse) if the house was appraised as not worth the selling price.

In addition, we had an architect look at the house before signing on the dotted line to give us an idea of structural issues and renovation costs, similar to a US housing inspection. The bank gave us the name of someone they recommended. It was a tad tricky, as the seller at first refused to allow this - it was only when we told her that without an inspection we would walk away that she relented.

(When a seller gets cagey about such things, you know that they are indeed necessary.)
Bringing an architect or renovation specialist along is an excellent idea. We walked away from buying a property as the architect was very concerned about the structure. We were going to give him the renovation project, so it was not really in his interests to tell us not to buy it. The real estate agent had said adding a second floor was no problem. The architect said this would be impossible. The look on the agent's face was priceless.
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Old 11.01.2011, 17:19
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Re: Housing Appraisal

How much did you have to pay the architect to do the appraisal?

We are getting one to come round a house on Friday but it seems a bit steep what he is asking. I have no experience in this though!

Thanks
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