When the bank requests a report
Virtually every lender requires a validated appraisal report at the time of purchase. If the loan-to-value ratio is low, some banks will accept a model-based valuation, but this is the exception rather than the rule, and it varies by lender.
A report may also be required when refinancing, increasing the loan amount, or canceling an NHG guarantee. Ask your advisor in advance exactly what is required so that you don’t have to hire an appraiser later on.
Who Is Authorized to Conduct the Appraisal
The appraiser must be registered with the NRVT and work in the area where the property is located. In addition, he or she must have no interest in the transaction: therefore, the selling or buying real estate agent cannot perform the appraisal himself or herself.
That independence requirement is there for a reason. The report serves the interests of both the lender and you as the buyer, and must therefore be free from any commercial involvement in the purchase.
Turnaround Time and Costs
Please allow five to ten business days from the time the assignment is placed until the validated report is ready. The assessment itself takes about an hour; most of the time is spent on the analysis and validation by the institute, which reviews the report’s content.
The costs typically range from five hundred to eight hundred euros, depending on the type of home and the complexity of the appraisal. These costs are tax-deductible in the year of purchase if the appraisal was required to obtain financing.
Need a property appraisal report
for your mortgage?
Our NRVT-registered appraisers provide a validated report, usually within five business days.
- With no obligation whatsoever
- Response within 24 hours
What You Can Do to Prevent Delays
Make sure the appraiser has immediate access to the utility room, the attic, and—if it’s an apartment—the common areas during the inspection. Have the following documents ready: the purchase agreement, the most recent WOZ assessment notice, and, if there is a homeowners’ association (VvE), the deed of division and the long-term maintenance plan.
Please report any renovation plans in advance. If the renovation is being co-financed, a detailed quote or scope of work is required in order to determine the property’s value after the renovation.
