Precautions for Eksper Appraisal Property Reports...

12.08.23 01:27 AM
An Eksper appraisal valuation property report ensures only that these issues are identified and made known to the buyer. What the buyer chooses to do with that information is entirely their responsibility. Independent professional advice is essential….

Updated Oct 5 2023  An Appraisal Report provides many types of factual information about a property, including a valuation.. The report does not state whether that factual information about the property is legally acceptable for buying the property. To understand what is acceptable, and what is not acceptable and likely to cause problems in the future, the advice of an experienced professional is ESSENTIAL. And if the report is in Turkish and the buyer does not speak Turkish, then it would be very risky for a buyer to believe what an agent, developer, or seller, translates the report as saying.


In the last couple of years many, many agents have added webpages about valuations to their websites and these are designed to show in search results. The vast majority of the information provided is inaccurate, incorrect and misleading. In some cases the web pages offer insights into the correct valuation methodology, but the information provided usually refers to short cuts that are acceptable in specific circumstances, but are generally not applicable in 90-95% of circumstances. In specific cases it appears the agent has added ad-hoc comments about a specific case provided by a valuation expert and then applied these comments in general to the webpage, unable to understand their error, due to their limited knowledge of the subject. To be clear, valuations are based on 'market value', and this is a definition derived from theoretical economics and applied to appraisal practice with various guidelines - simply applying a specific guideline to all situations is incorrect and misleading. This same type of error is frequently made by appraisal and valuation experts, having retained a specific guideline from memory, but unable to apply it correctly due to their lack of knowledge of theoretical economics. 


And just as importantly, appraisal reports must provide information about a list of items. However, the information provided may not always be consistently clear: it may be phrased to be a little unclear, or ambiguous, general, and subject to interpretation. In other words, it is possible to communicate information in ways that comply with reporting requirements, but are not 100% clear, and require further clarification. In the Turkish language, there is an entire grammatical tense that provides this way of expressing things !


An experienced advisor will know in advance which issues are likely to be a problem, for specific types of properties, in specific locations, with specific types of sellers; and can instruct the Eksper in advance about specifically how much detail about such items the Eksper should provide in the report.


An Eksper appraisal valuation property report ensures only that data and information is made known to the buyer. What the buyer chooses to do with that information is entirely their responsibility. Independent professional advice is essential…. For these reasons it is important to request an Eksper rapor directly from the appraisal experts at mytapu. If mytapu has instructed the licensed Eksper that is making the report, then mytapu can request clarification, alterations, etc, to the report. If mytapu has NOT instructed, mytapu can NOT. So it’s important to have mytapu instruct the Eksper company, and apply oversight to the methodology they apply: this is what is meant by ‘quality control’. That way if anything things need checking out or clarifying, the Team at mytapu can take care of it for you, before you stumble into buying a property which isn't what you thought it was....


 

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Additional Reading for Buyers:


What is mytapu.com ?
Buy Property in Turkey? But why?
Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…

All Articles


 

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At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

 

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