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Contracting an appraisal over the Internet has the same validity as purchasing an appraisal by telephone or requesting an appraisal physically at the offices of an official appraisal company. It has the same legal validity and will be recognized by any banking entity or public body, provided that it is carried out by an Appraisal Company approved by the Bank of Spain, such as Euroval since 1990.
It is logical that you ask about the validity of purchasing an appraisal online, over the Internet. If you purchase your appraisal online through the
What is the validity period of an appraisal?
The appraisal of a property, issued to serve as collateral for a mortgage loan, has a validity of six months from the date of issue. After this period, it is advisable to request a review to update the original appraisal.
When purchasing an appraisal to be used as mortgage collateral, it is essential that the appraisal entity issuing the report is approved by the Bank of Spain. By complying with this requirement, which is mandatory by law, the banking or financial entity will recognize the official appraisal as collateral against a mortgage loan.
Euroval is an appraisal entity approved by the Bank of Spain and the CNMV (National Securities Market Commission).
An online valuation is not the same as an official appraisal
There are several online portals and comparison sites that offer to know the value of a property on the market at a very low price, or sometimes even for free. In addition, the steps are very simple, sometimes it is enough to enter the exact address of the property (the street, the building number, the floor number and the door) to know how much a house is worth.
This online valuation, which is usually immediate, is obtained through an internal algorithm that shows the price of the property. But, and here is the key,
If you still have doubts, you can consult our article where we detail what are the differences between an appraisal, a valuation and an expert opinion. We are here to help you in your decision to buy or sell the property.
How Long Does it Take to Execute a Deed from the Real Estate Appraisal?
The process from the real estate appraisal to the execution of a property varies in time, depending on multiple factors, including the efficiency of financial institutions and legal procedures. The appraisal of the property is generally completed in less than a week, although delays may arise. Once the appraisal is completed, the estimated time to sign a mortgage ranges between 15 and 20 days, according to the latest appraisal procedure. However, the total time to complete the entire deed process can be extended, as it includes not only the approval of the mortgage but also the preparation and review of the deeds by the notary, which is a quick process but whose subsequent work requires more time. In summary, although the specific time may vary, it can generally be expected that the entire process will take approximately one month, depending on the agility of each step of the process.
Are more Appraisals Purchased over the Internet?
As online marketing experts tell us, the user is accustomed to making purchases over the internet.
Before buying, the customer is used to informing themselves and valuing several options through the network. They have lost their fear of contracting services such as real estate appraisals over the internet.
Contracting an online valuation of the property
Through Euroval, an appraisal company approved by the Bank of Spain and by the National Securities Market Commission (CNMV), you can obtain an immediate online valuation of the market value of a property. With our online appraisal service you can know the price of a house in less than 5 minutes.
Our property valuation service over the Internet is the most reliable to know the real value of the property.
- For homes on urban land.
- To know the market value of the property.
- For the distribution of assets, both inheritances and divorces.
- For the analysis of the real estate market.
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