An accurate evaluation for financial security

A day in the life of a valuator. Chapter 1: The Gas Tank

Posted by
Anuța Stan

How do you know what look for when it comes to a mortgage? There are many things you need to establish, but the safest thing is to leave that to a valuator who is very careful and checks the field, among other things, for the existence of utilities. Why is that?

Imagine the following situation: you are interested in buying a property in the Bragadiru area and you need the bank to give you a mortgage loan.

The bank tells you that to do that, you need an assessment of the property. You talk to the developer, you try to look at documents, you do some calculations, and you realize you need an expert in the field.

As a significant investment on your part, you want to make sure you do everything right, so you call on us.

Why did I give you the above situation? Because it happened a few weeks ago, when I found out that sometimes things aren't what they seem.

But we let you read the story below from the perspective of Andrei, one of our valuators:

"Another day, another inspection, this time for a mortgage loan, the property being located in the Bragadiru area.

In such situations, we are obliged to check, among other things, the existence of branchings (it is one of the necessary conditions for the bank to be able to grant the loan).

I had spoken to the client about the property and he had told me that he knew from the developer that it had a gas-fired power plant. In this case, I found it a little strange because I knew from the inspections I had in the area, that there was nothing connected.

We arrive at the property.

The developer guides us and answers our questions. Everything seems to be fine including (to my surprise) the gas plant that was switched on and operating within normal parameters.

When we got out, I noticed a dig outside the fence. I approach and put the earth away with my hand. This is how I discovered the gas tank that had just been buried and to which the plant was connected to look like it was connected to the gas network:

Have you made any changes recently?
No, why?

I'm telling him about the cylinder I found. We gave up on continuing the evaluation and left, informing the client of what had happened."

Of course, the customer has given up the purchase, but the best part is that I helped him finally make an informed decision

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