© Peter Hilz
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From 2022, banks must have goods appraised before they can provide a mortgage loan. Next year, the loan amount will also be calculated on the basis of the appraised value and no longer on the purchase price, write La Libre Belgique and L’Echo.
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Demanding the expertise of the good is a common practice. It just doesn’t happen systematically yet. The measure to require expertise stems from a directive of the European Banking Authority that has been in force since July. The purpose of this measure is to ensure that banks do not borrow excessive amounts compared to the value of a property. All of this is happening mainly in the context of the current rise in certain parts of the real estate market, writes L’Echo.
If buyers decide to bump up their bids by bidding a price higher than the expert’s estimate, it’s up to them to pay the difference, La Libre says. Even in the case of excessive price increases in the real estate market, as has been the case since the COVID crisis, it will be up to the buyers to adjust, without the intervention of the bank.
“By counteracting the greed of owners and brokers, with the most objective method of real estate valuation possible, the directive could bring house prices back to normal levels, calm the real estate market and significantly increase the importance of the suspensive clauses ”, analyzes the consultancy Mortgage Shop in La Libre.”
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