The NWWI stands for Nederlands Woning Waarde Instituut. Every appraiser in the Netherlands, often affiliated with their own branch organization NRTV, can have their appraisal report checked by the NWWI.
First, the NWWI checks whether specific criteria and protocols have been followed in preparing the valuation report. The appraiser also needs the proper credentials to submit an appraisal report at NWWI. After that, the report is 'validated' and can be used with all banks in The Netherlands.
NWWI validates valuation reports
The NWWI has taken over all other parties with similar functions, and only one party in The Netherlands validates appraisal reports. In addition, the NWWI works closely with the NRTV (Nederlands Register Vastgoed Taxateurs) to guarantee the quality of home appraisals.
Mortgage lenders find the home value that the appraisal report indicates important because the house is up for collateral for the mortgage. If you were not to fulfill your monthly mortgage payment obligation, then the bank can put the house up for an auction sale to reclaim the remaining mortgage debt.
NWWI is primarily for appraisers
Nwwi sets the framework within which appraisers can make their home appraisals. That's why all validated valuation reports look similar.
When you deal with NWWI as a consumer
As a homebuyer, you have no affairs with the NWWI. Only in disputes about an appraisal value that is remarkably high or low, or even several appraisal reports that are not in line with one another, can you go there to have them put things in order.
As a consumer, you pay about €40 NWWI validation fees for your appraisal report, but these are usually included in an appraisal report's rather much higher price tag.
Cheaper Desktop Appraisals as an alternative
Nowadays, there are more and more banks that, in exceptional cases, allow buying a home without an expensive appraisal report. If a home buyer doesn't need to borrow the total amount of the purchase price of the house, then the risk assessment done by the bank is lower. The bank may accept a Desktop Appraisal in that case. This is a model-based home value generated by computer algorithms. However, no appraiser has been inside the home, which is still an ongoing discussion within the appraisal branch.
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