What is a FOVISSSTE appraisal?
It is an estimate of the value of a property as of a certain date. It is carried out in accordance with the regulations established by the Federal Mortgage Society, considering the requirements imposed by FOVISSSTE. This appraisal is focused on the conclusion of the FOVISSSTE credit process.
It refers to the valuation of a home that is carried out within the framework of the Institute of National Housing Fund for Workers (FOVISSSTE) in Mexico. FOVISSSTE is an institution in charge of granting mortgage loans to public sector workers in the country.
When a worker affiliated with FOVISSSTE requests a loan to purchase a home, it is necessary to carry out an appraisal of the property to be purchased. FOVISSSTE's appraisal is carried out by a certified appraiser, who evaluates the property and determines its market value.
What is the FOVISSSTE appraisal used for?
The FOVISSSTE appraisal is necessary for:
- request credits
- Purchase-sale procedures
- Decision making when choosing the most convenient home
- Define the market value of the property
- Support the existence of the property and the characteristics described in the deed
- Validate that the characteristics of the property meet the requirements required by FOVISSSTE
It is important to consider that FOVISSSTE has different restrictions to approve properties depending on their location, it is necessary to consult a expert appraiser to find out the restrictions in the area of your interest.
The objective of the FOVISSSTE appraisal is to guarantee that the value of the home is consistent with the conditions and characteristics of the property, and that it conforms to the requirements established by the institution to obtain the credit, in addition, this appraisal helps to protect both the worker and FOVISSSTE by ensuring that the loan amount is backed by the real value of the property.
What aspects are taken into account when carrying out an appraisal of FOVISSSTE?
- The land's surface
- Number and type of spaces in the property
- Construction materials
- Type of finishes
- commercial value
- Useful life
- Reference values
- Among others
The appraisal expert in charge of the FOVISSSTE appraisal will carry out a detailed inspection of the home, taking into account aspects such as its location, physical characteristics, state of conservation, amenities, nearby services, among others, based on this evaluation, will issue a report that includes the estimated value of the home.
It is important to bear in mind that the FOVISSSTE appraisal is a mandatory requirement to access the institution's mortgage loans, and the value determined by the appraiser will influence the maximum amount of credit that can be obtained.
Who performs the Fovissste Appraisal?
For it to be officially valid, the appraisal can only be carried out by a certified appraiser with registration and authorization from the federal mortgage company.
How long is the Fovissste Appraisal valid?
In general, the validity of a Fovissste Appraisal is six months, as long as the property does not undergo modifications during the administrative procedures, and there are no economic conditions different from those in which the appraisal was carried out.
What are the requirements to request the Fovissste Appraisal?
Documentation that certifies the authenticity of the property is required throughout the appraisal process, such as:
- Deed (Condominium, co-ownership, private)
- Property title
- Certificate of Freedom or Absence of Lien
- Water bill and property bill (updated and without debit)
- Official identification of the applicant and owner
- RFC or CURP of the applicant and owner
- Application form for appraisal and technical quality opinion (can be downloaded from the Infonavit portal)
What does the Fovissste Appraisal include in ANEPSA?
- Determination of real estate value according to the guidelines of Sociedad Hipotecaria Federal
- Photographic report
- Architectural plan
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