Home Appraisal in Spain
My wife and I are in the market for a home here in the Costa Blanca. We're not being very picky, but we do like being in the south of the province, close to Alicante if possible.
So we set off to the bank to see if we could get a 'pre-approved' mortgage, which I know is the way to go in Canada.
The friendly guy at the local branch of my bank informed us that they would offer us 80% of the price of our home as a mortgage, and gave us a figure as to how high we could shoot based on our income.
We were a bit let down, as it's been a busy (read: expensive) year, and we didn't have the 20% to put down on what we could afford to make payments on. "No problem" he said, the appraisors usually appraise the house above it's actual value, so that the 80% gets you the home without too much trouble.
Amazing.
Turns out that my brother in law had enough money from his mortgage/appraisal to buy himself a car too.
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