I’ve been looking at properties recently and preparing to apply for a mortgage. The bank’s first requirement is a Tasación. I was a bit unsure about how long this process would actually take. After asking around, I got answers ranging from one week to a month. So, I’ve compiled some information and my own recent experience to serve as a reference for anyone else going through this.
The Property Appraisal Process and Timeline
A Tasación is an official appraisal conducted to determine the true market value of a property for the bank. This report directly influences the loan amount the bank is willing to offer. You can’t just hire anyone for this; it must be carried out by an appraisal company registered with the Bank of Spain and appointed by your bank to ensure impartiality.
The entire process begins once you pay the appraisal fee to the bank and can be broken down into several steps. Based on my experience and what I’ve learned, here is a more realistic timeline:
| Step | Typical Duration |
|---|
| Bank Processing / Appraiser Assignment | 1-2 business days |
| Appraiser Schedules Visit | 2-4 business days |
| On-site Inspection + Report Writing | 3-7 business days |
| Internal Review / Final Report Issued | 1-2 business days |
| Total | 7-15 business days |
As you can see from the table, the legendary one-week turnaround is basically impossible. If everything goes smoothly, the process takes about two weeks, or around 10 business days. However, if there’s any delay in one of the steps, it’s common for it to stretch to three weeks or even longer. Therefore, when considering the Spanish property appraisal fees, it’s crucial to leave enough time when signing the deposit agreement (contrato de arras) with the seller. I personally recommend setting aside at least one month.
What Factors Can Affect the Appraisal Speed?
- Completeness of Property Documents: The appraiser needs documents like the Nota Simple and the Certificate of Occupancy (Cédula de Habitabilidad). If the seller can’t provide these promptly, the appraiser can’t start their work, causing delays.
- Coordinating the Property Visit: The appraiser needs to schedule a visit with the seller or real estate agent. If the seller is unavailable or if there are tenants in the property, coordinating a suitable time can take several days.
- Property Type and Location: Standard apartments in the city center are the quickest to appraise because there’s plenty of market data and comparable sales. However, if the property appraisal is for a detached villa in the suburbs or a rural farmhouse, the appraiser will need to conduct more on-site research and data verification, which naturally takes longer.
- Appraisal Company and Time of Year: The efficiency of different appraisal companies can vary significantly. Additionally, during vacation periods like July and August or holidays at the end of the year, staffing shortages can cause significant slowdowns.
Getting a property appraisal is something that can’t be rushed. The officially stated timeframe is often around 10 days, but it’s best to mentally prepare for three weeks. Nudging your bank manager might help a little, but the final timeline is ultimately in the hands of the appraisal company. How long did your Tasación take? Did you encounter any pitfalls? Feel free to share and discuss in the comments below!
