Posted by Maria Arias on March 14, 2017 | Real Estate Advices | 0

How Real Estate Appraisals in Panama function?

Real estate appraisals  in Panama is a requirement all banks will ask you before giving you a mortgage loan. The value of a property is estimated by an impartial expert opinion by the features of its use and market analysis, taking into account the physical and urban conditions of the property.

The real estate appraislas in Panama guarantees that the house has a sufficient value so in case of default they can recover the money borrowed by the mortgage. Banks usually do not finance more than 80% of the appraisal value of the property, for that reason this information is very important for the individual in order to know the financial outlay required to formalize the constitution of the mortgage loan, if necessary.

 

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Valuations will give a real value of the property you are planning to buy and gives a bargaining tool to negotiate the price. It normally includes a detailed description of the property, its conditions and availability.

Valuers take into account if the neighborhood is regressing or progressing, that will depend on maintenance of the neighboring houses and the way they look.

Real estate appraisals in Panama range between $50 to $1,000 depending on the size. For example a valuer can charge between $100 to $150 to appraise a three bedroom home in Panama City, however the cost could increase to $1,000 plus transport expenses and average time to do the valuation. 

It is important to consult experts in real estate appraisals in Panama and not hire inexperienced and unprofessional people who will cost more time and money. 

Residential Mortgage in Panama

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