Questions answered
What happens if the bank does not accept the appraisal?
Short answer
If the appraisal comes from an approved company and has not expired, the bank must accept it, although it may carry out checks. If it refuses, ask for the reason in writing.
The appraisal is a step you cannot skip when buying a property. But sometimes the bank does not accept the appraisal, and this causes uncertainty and delays.
Why does the bank not accept the appraisal?
Mortgage rules were set by Law 2/1981, amended by Law 41/2007, which increases transparency and guarantees the independence of appraisal companies.
Its article 3 bis I establishes that credit institutions "must accept any appraisal of an asset provided by the customer, provided that it is certified by an approved appraiser and has not expired", without being able to pass on the cost of their checks.
Even so, the bank may refuse the mortgage for reasons such as:
- Appraised value below the purchase price. The bank may consider the transaction high-risk.
- An out-of-date appraisal (more than 6 months old).
- Condition of the property: structural problems, lack of habitability or planning non-compliance.
What to do if the bank does not accept the appraisal?
- Check that the information in the appraisal is correct.
- Request a new appraisal from an approved company.
- Negotiate with the bank with solid arguments and additional documents.
- Consider other banks that accept the original appraisal.
- Ask for property consultancy to guide you.
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