A Convenient Appraisal, but Not Exactly Unbiased

summarizeEditor's Summary

I recently used VTB's appraisal service to get a mortgage for a secondary property in the capital. The process was surprisingly smooth, considering there aren't any reviews on VTB's official website. The appraisal itself was a breeze, and the results came in the next day. The verdict was that our property is priced slightly below market value, which we were happy with. However, I do think there's a lack of objectivity in this report, and it feels like the main goal is to extract money from unsuspecting customers.

settingsSpecifications

Fiyat7/10

Kararİyi

Uzunluk9/10

HizmetKalite8/10

I'm still surprised there aren't any reviews on VTB's official website, given how seamless and fast their service is.

So, here's our story: we're buying a secondary property in the capital, and we're taking out a mortgage with VTB. When preparing our documents, the VTB website tells us that we've been approved for a unique appraisal offer (no on-site inspector needed) and gives us a link to a third-party site - [link] - which just so happens to feature VTB's official logo. I'm not sure how they choose the lucky winners for the remote appraisal, but it's probably just about everyone. The price tag is 4000 rubles.

What's even more astonishing is that you don't need to take extra photos from specific angles; they just use the photos from the listing on Cian (even if the listing is already closed). Our listing had photos of all the rooms, but let's just say they weren't perfect - many nuances (including renovations) were hard to understand from those photos, unless you saw the place in person. I guess they're just assessing the property's condition based on those photos, with a pretty general grading system (in our case, "needs renovation").

I'm not too concerned about the renovations, as the report concludes that they weren't evaluated. I'm guessing the bank doesn't really care (although friends used to tell horror stories about how appraisers would build "Potemkin villages" out of drywall to match the floor plan). You don't even need the floor plan, by the way - just the owner's passport and a copy of the EGRN (an electronic copy is fine).

So, in essence, the report is just a comparison with a few random neighboring listings. I'm not sure if they're trying to match the options to your budget or not. The selection might not be entirely objective, either. They do take into account the first/last floor, but not the absence/presence of a balcony or whether the building is made of brick or paneling. In our case, all the comparative listings were within one metro stop of the city center, which definitely gave our place a good score - but it wouldn't have been so rosy if they'd chosen listings closer to the MKAD. All in all, our appraisal was spot on. The verdict: our property is priced slightly below market value (a 3% deviation from the purchase price). We were happy with that. However, I do think there's a lack of objectivity in this report.

The pros: the appraisal format is perfectly in line with VTB's (although it might not work for other banks), it's relatively inexpensive, and the results came in the next day (automatically, no less, and even to our bank manager). It also seems like they're trying to match the appraisal to your budget.

Overall, it feels like these documents are just a formality, and the main goal is to extract a bit of money from unsuspecting customers (and preferably into the bank's pocket, rather than some other mysterious appraiser's). Thanks for the discount and the hassle-free experience.

Since an appraisal is inevitable, I'll say that [link] is a decent option, and I appreciate the convenience it brings to our mortgage woes.

live_helpFeatured FAQ

What's the process like for getting an appraisal with VTB?

The process is surprisingly smooth. You'll need to provide some basic information, like your passport and a copy of the EGRN, and then the appraisal will be done remotely using photos from the listing on Cian.

How long does it take to get the results of the appraisal?

The results come in the next day, automatically, and even to your bank manager.

Is the appraisal fee expensive?

The price of the appraisal is relatively inexpensive, especially considering the convenience it brings.

Can I trust the results of the appraisal?

I'm not sure I'd say the results are 100% accurate, but they're a good starting point. Just keep in mind that the report is based on a comparison with a few random neighboring listings.

What if I have questions about the appraisal?

You can contact VTB's customer support team, and they'll be happy to help.

Can I use the appraisal for other purposes?

Yes, you can use the appraisal for other purposes, like refinancing or selling your property.

check_circlePros

•The appraisal format is perfectly in line with VTB's, making it easy to understand and navigate.
•The process was hassle-free, and we even got a discount on the appraisal fee.
•The results came in quickly, automatically, and even to our bank manager.
•The appraisal seems to be trying to match the results to your budget, which is a nice touch.
•The price of the appraisal is relatively inexpensive, especially considering the convenience it brings.

cancelCons

•I think there's a lack of objectivity in this report, which can make it difficult to trust the results.
•The report feels like a formality, and the main goal is to extract money from customers.
•The appraisal doesn't take into account some important factors, like the absence of a balcony or the type of building material.
•The report is based on a comparison with a few random neighboring listings, which can be misleading.
•The bank's goal seems to be to get as much money as possible from customers, rather than providing an accurate appraisal.