A regulation on simplified valuation for new mortgages has been published. The new method can significantly shorten the process, which has been going on for up to weeks, and the average valuation cost of HUF 30,480 can be significantly reduced. However, the simplified valuation can only be applied to real estate with a living area of 150 square meters or less, moreover, in contrast to the traditional solution, only 60 percent of the value determined by the simple valuation can be borrowed, warns Bank360.hu’s expert.
According to the law, the simplified valuation can be requested in larger settlements if the property is located in Budapest, the county seat, a city with county status or in the Budapest agglomeration.
Furthermore, it must be proved that in the year before the valuation, at least ten other properties changed owners in the settlement (in the case of Budapest, in the district), and their prices did not differ by more than 30 percent. The appraiser determines the price based on these, ie performs the simplified appraisal.
To start all this process, a title deed not older than 30 days must be submitted, and the evaluation opinion must contain the data on the basis of which the statistical evaluation was made. Simplified or statistical valuation does not apply to ongoing loan applications.
Source: Magyar Nemzet by magyarnemzet.hu.
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