- Thread starter snmanuel
- Start date
Real Estate Appraisal
Yes and no, in that order. There is an organization for certification of appraisers. But at this time there is no government control over the real estate market.
http://www.dr1.com/forums/real-estate/79734-appraisal-property.html
There is a complete lack of education, uniform standards, regulation and enforcement of real estate appraisal here in the Dominican Republic. Be very careful of any appraisal that you receive - be sure to understand the intended use as well as the relationships of the appraiser with the attorney, banker, real estate agent and/or buyer/seller.
To answer one of your questions, there is no recognition here of NAIFA, Appraisal Institute or other American/Canadian designations.
If you would like more information on this topic, please feel free to private message me.
To answer one of your questions, there is no recognition here of NAIFA, Appraisal Institute or other American/Canadian designations.
If you would like more information on this topic, please feel free to private message me.
I just posted in the legal forum about this topic. Do you have someone you can refer?
Bayx-**
The best appraisals (e.g. the most accurate) I have found are those provided by appraisers who are authorized by Banco Popular. Check with the bank and ask them for the contact information of the appraiser they use in that area. They use these appraisers for real estate loans and the like so they are generally pretty accurate.
Exactly!
Keep in mind, this is a country with no public record keeping of past and recent transactions. While a home might have been offered for years for $X.xx with no sales, the lesser one done the road may have sold over night for much more or much less. There is no real market. Neighborhoods are too fragmented, the overall situation way too difficult to catalogize, too much conflicting "information".
So, it's extremely difficult to put a "real" or "official" price tag on a property. Then, the only way to find a value range, would be to see what others would pay for it... like asking, how much they would take it as a guarantee for a loan for. That's when the bank appraiser comes in.
In Spain, we've been doing this all the time, until banks realized people were just using their appraisal service with no real intention to mortgage a property. So, they started asking for an upfront appraisal fee, which still was an attractive option to get an often refreshing idea of what something could really be worth. But mind you, when properties were flying high, they too, overestimated the market and it's future... and many banks over appraised properties in the hopes to earn a client... and later got stuck with a property they could not sell for half of what was owed to them... Not a high risk right now in the DR for that, however.
... J-D.
I can tell you who NOT to use! Itado! There is an organization of appraisers here in the DR that calls themselves the "official" organization. Instituto de Tasadores Dominicanos, Inc. (ITADO) I tried to do business with them but they're a scam. The rates posted on their website are not followed. I had one of my assistants contact several of their members (North Coast & East Coast) and not one would agree to work for the prices quoted on their website. They all said "It depends" when asked for the correct prices. "What does it depend on?" "Many different things. Location, price, the nationality of the person." "The nationality?" "Yeah, you know if it's a Gringo we charge them a lot more."
I appreciate them being that honest with my assistant actually, now we all know. We later contacted the Director in charge of the whole thing who admitted he really had no control over what his members charged, did or how the conducted themselves. We asked what is the actual goal of this association and he said "To get as many members as possible."....again I appreciate his honesty but will take a pass on doing business with these clowns.
I appreciate them being that honest with my assistant actually, now we all know. We later contacted the Director in charge of the whole thing who admitted he really had no control over what his members charged, did or how the conducted themselves. We asked what is the actual goal of this association and he said "To get as many members as possible."....again I appreciate his honesty but will take a pass on doing business with these clowns.