A valuation for a bank differs from one for a notary not in methodology but in how it must be presented. The bank looks at the apartment as collateral: what happens to it if the borrower stops paying and it has to be sold.
When to order the valuation
After preliminary approval of the loan, not before. The bank assesses the borrower first and the property second. Doing it the other way round risks paying for a report nobody needs.
Some banks work only with appraisers from their own list. Ask about that at the start: such a bank will refuse an outside report even when it is correct.
What the bank checks in the report
Whether the report is registered in the state property fund database. Whether it carries a complete photographic record. Whether there are unauthorised alterations: an apartment with a moved wall and no paperwork is problematic collateral.
The bank also looks at liquidity: how quickly the apartment could be sold. A ground or top floor, old wiring, or no lift in a tall building reduce the valuation for exactly that reason.
How an eOselya valuation differs
The programme runs through partner banks, and the bank sets the requirements for the report. For internally displaced people the state compensates part of the down payment, which does not change the valuation process: the same report is needed.
Tell the appraiser about the programme in advance. It determines the list of photographs and annexes, and reworking a finished report costs more than doing it right the first time.
Time and cost
One or two working days from the inspection. For an apartment in Odesa the cost starts at one thousand eight hundred hryvnia and depends on floor area and the bank requirements.
The buyer usually pays, since the buyer takes the loan. It is a matter of agreement, though, and in deals where the seller wants speed it is settled differently.
If the valuation comes in below the agreed price
The bank lends against the appraised value, not the contract price. The difference has to be covered from your own funds, and this is the most common reason deals collapse at the final step.
The risk can be checked in advance by comparing the price with the district average. In Odesa new developments currently average about 1557 dollars per square metre and resale housing 1198. If the agreed price sits well above that level for its district, prepare for a gap.
In short
Approval first, valuation second. Ask the bank for its list of appraisers. Mention the programme before the inspection. Work out the gap between valuation and price in advance, so it is not news on the day of the deal.
We will shortlist options for your budget and guide the deal from the first viewing to signing.
