| The real estate appraisal is a activity taken by the specialized appraisal personnels, who estimate and determine the rational price or value based on the purpose and principle and process of the evaluation. The proper assessment method must be applied and the factors that influence the real estate prices must be comprehensively analyzed. The real estate appraisal has become an indispensable part in the socialist market economic system. The development of social economy and the enhancement of people’s property awareness are becoming symbiotic with the real estate evaluation services. Article34of "Law of the People’s Republic of China on Urban Real Estate Administration" amended in2007"The State institutes a real estate evaluation system" and Article59" The state institutes the appraisers qualification certification system". These two provisions make the appraisal of real estate have an independent legal status.The collateral value appraisal of construction-in-progress has some special characteristics compared with the ordinary real estate assessment. This paper introduces a specific case of the collateral value appraisal of construction-in-progress. The case introduces a basic situation of appraisal object and evaluation principle and analyzes the downside risk and liquidity in the future and the influence on the value of the appraisal object. It also describes the evaluation process and gets the assessment results. Then it discusses some of the problems encountered in the case of the assessment process, such as how to understand the evaluation object accurately and roundly, how to analyze the market background and how to consider the particularity in the process of appraisal. In the end, by analyzing the problems, some opinions and suggestions are put forward to solve them.Through the research of the case, the following implications have been received:First of all, the appraiser should strengthen the learning of construction knowledge. At present, most of the assessment staff of real estate appraisal institutions are lack of knowledge of construction project, which brings certain difficulty to the collateral value appraisal of construction-in-progress. Assessment agencies should strengthen the study of this aspect. Professionals and experts should be hired to explain the relevant knowledge of construction project, if necessary.Secondly, the technical problems of the collateral value appraisal case of construction-in-progress should be solved.We should determine the valid scope of assessment. For example, the relevant company should provide "Land use right certificates","Planning permit of construction engineering"," Building construction permits ","Real estate sales license",etc, which are related to the project. Real estate appraisers should verify the situation to the relevant departments, collect relevant data, and determine the valid scope of assessment.Judgments of the speed of progress must be made accurately. One of the most important parts of appraisal is the image progress control. Because of the lack of professional knowledge of the appraisers, it is difficult to accurately judge the image progress of construction-in-progress if only rely on the statements by the construction company. In order to determine the progress of the project, we can ask the construction party to provide engineering quantity verification report or cooperate with Budget Consulting Organizations and takes it as the attachment before the assessment staff nluate the real estate. In this way the evaluation results can be more comprehensive and gorous.We should strengthen the uncertainty risk analysis and prevention of the construction-rogress rights. The collateral value appraisal of construction-in-progress is the appraisal equity value in essence. It happens that the project payment lags the actual completion progress, which is inconsistent with the actual amount of investment and leads to the lack of its equity. To avoid this risk, we must correctly determine the rights and interests of construction contractors. According to the relevant provisions of the contract law, the priority of compensation of contractor’s construction work cost preferred to the conventional mortgage between the banks and the mortgagors. About how to determine the construction side of the priority of repayment, Article17of "Real estate mortgage valuation guidance" has clearly defined:" the employer and the contractor should issue a written explanation about whether there is arrear. In the construction project payment, the amount of arrears should be provided in writing".The innovative in this paper is the typical case selection of the collateral value appraisal of construction-in-progress. Based on this, some issues about how to understand the evaluation object accurately and roundly, how to analyze the market background, how to consider the particularity in the process of the collateral value appraisal of construction-in-progress are discussed deeply. Some constructive opinions and suggestions are put forward to solve the problems. |
