Il valore cauzionale nelle valutazione degli immobili per la concessione del credito

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Tratto dalla Rivista IoRoma o dal suo allegato Quaderno che è consultabile al sito: http://rivista.ording.roma.it

Quaderno

IL VALORE CAUZIONALE NELLE VALUTAZIONI DEGLI IMMOBILI PER LA CONCESSIONE DEL CREDITO a cura di 4C82 2 4H<<FAGHDDE commissione 1>BG;E G;;E5GDGFAH visto da: 4C82 2 HBBG 4C82 2 $=AFBEDE 4C82 2 $G;F

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Il valore cauzionale 1) definizione CH?H>>FAGE EAF AG<EABFAH DF @H(CG:GECH =CFCG7 ;H;HCBH F??HBBFBF @HD 9FDEAH ?F=:GECFDH6 ?E> ?E;H H;HA8H @F8DG =DBG;G F88GEACF;HCBG @H8DG >BFC@FA@ GCBHACF:GECFDG GC ;FBHAGF @G 9FD=BF:GECG G;;E5GDGFAG 4 International Valuation Standards H@ 1 European Valuation Standards H AG<AH>F GCBH8AFD;HCBH CH8DG >BFC@FA@ CF:GECFDG HDF5EAFBG @F H?CE5EA>F <HA GD ;HA?F7 BE GBFDGFCE 2 FDH @H(CG:GECH #6 @G /FBBE6 '=HDDF ?ECBHC=BF CHDDF *GAHBBG9F -.. $1 ?3H6 AG7 8=FA@E FD 9FDEAH ?F=:GECFDH6 G9G @HCE;GCFBE valore del credito ipotecario6 ?E> >G H><AG;H Per ÂŤvalore del credito ipotecarioÂť si intende il valore dell’immobile quale determinato in base ad un prudente apprezzamento della futura negoziabilitĂ dell’immobile stesso, tenuto conto degli aspetti durevoli a lungo termine dell’immobile, delle condizioni normali e locali del mercato, dell’uso corrente dell’immobile e dei suoi appropriati usi alternativi. Nella stima del valore del credito ipotecario non possono intervenire considerazioni di carattere speculativo. Il valore del credito ipotecario è documentato in modo chiaro e trasparente. =BGDH F '=H>BE <=CBE AG<AE<EAAH6 FC?EA?3 5HC CEBF FG BH?CG?G 9FD=BFBEAG6 DF @H(CG:GECH @G 9FDEAH @G ;HA?FBE6 FD (CH @G <EBHA ;H8DGE F<<AH::FAH DH <FABG?EDFAGB ?3H ?ECBAF@@G>BGC8=ECE GD 9FDEAH ?F=:GECFDH H ?3H >ECE E88HBBE @HD <FAF8AF/E

G8=AF ) Bruxelles, la sede del Parlamento Europeo

?3H >H8=H2 +F @H(CG:GECH @G 9FDEAH @G ;HA?FBE >H?EC@E 8DG >BFC@FA@ GCBHACF:GECFDG # DF >H8=HCBH Il valore di mercato è l’ammontare stimato per il quale un determinato immobile può essere compravenduto alla data della valutazione tra un acquirente e un venditore, essendo entrambi i soggetti non condizionati, indipendenti e con interessi opposti, dopo un’adeguata attivitĂ di marketing durante la quale entrambe le parti hanno agito con eguale capacitĂ , con prudenza e senza alcuna costrizione.

2) caratteristiche G;<EABFCBH6 FG (CG @HDDF /EA;=DF:GECH @G =C0G<E7 BH>G @G <AE?H@G;HCBE 9FD=BFBG9E6 H9G@HC:GFAH DH <AGC?G<FDG ?FAFBBHAG>BG?3H @HD 9FDEAH ?F=:GECFDH2 HA /FA ?G >ECE @0F=>GDGE G ?3GFAG;HCBG H DH <AH7 ?G>F:GECG GC ;HAGBE ?ECBHC=BH GC B=BBG G BH>BG (C '=G ?GBFBG6 ?3H <HA ?E;E@GB @0=>E 9HC8ECE AGH7 <GDE8FBH '=G @G >H8=GBE6 AG;FC@FC@E FDDF 5G5DGE7 8AF(F <HA 8DG H9HCB=FDG F<<AE/EC@G;HCBG2 +H <AGC?G<FDG ?FAFBBHAG>BG?3H @F H9G@HC:GFAH >E7 CE DH >H8=HCBG GD 9FDEAH ?F=:GECFDH # @G9HA>E @FD 9FDEAH @G ;HA?FBE GD 9FDEAH ?F=:GECFDH # 5F>FBE >=D 9FDEAH @G ;HA?FBE ;F CEC <= H>>HAH @H@EBBE @F '=H>BE ;H@GFCBH =CF >H;<DG?H @H?=ABF:GE7 CH <HA?HCB=FDH GD 9FDEAH ?F=:GECFDH CEC <= /EC@FA>G >=DDH '=EBF:GECG G;;E5GDGFAG BF5HDDFAG H >=G <AH::G @G DG>BGCE @HDDH G;<AH>H H @HDDH F8HC:GH @G GC7 BHA;H@GF:GECH

Figura 2: Gli standard di valutazione internazionali pubblicati dal IVSC – International Valuation Standard Council nel 2013

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Figura 3: Gli standard di valutazione europei pubblicati dal TEGoVA – The European Group of Valuers’ Associations nel 2012

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Figura 4: Gli standard di valutazione italiani pubblicati da Tecnoborsa nel 2011

DH 9GHCH =>FBE D0F?AECG;E + esistono notevoli differenze tra il valore di mercato e il MLV: il primo è riconosciuto a livello internazionale ai fini della determinazione del valore di un immobile in un momento determinato. Il valore di mercato stima il prezzo che si può ottenere per un immobile alla data di valutazione, a prescindere dal fatto che tale valore possa variare molto rapidamente e non essere piĂš valido. Al contrario, lo scopo del MLV è fornire un valore sostenibile a lungo termine, che consideri l’adeguatezza di un immobile a essere usato come garanzia per un prestito ipotecario, indipendentemente dalle future fluttuazioni del mercato e su una base piĂš stabile. Il MLV indica un importo di solito inferiore al valore di mercato e quindi in grado di assorbire le fluttuazioni a breve termine, allo stesso tempo rispecchiandone con precisione il trend a lungo termine di fondo. *F '=FCBE >E<AF >G @H@=?H ?3H6 <HA GD ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 # CH?H>>FAGE @G><EAAH @G =CF ?ECE>?HC:F @HDDH 9FAGF:GECG @HD ;HA?FBE G;;E5GDGFAH @HD >H8;HCBE ?=G F<<FABGHCH D0G;7 ;E5GDH @F <EAAH GC 8FAFC:GF ?3H <HA;HBBF @G GC7 @G9G@=FAH =CF BHC@HC:F @G D=C8E <HAGE@E2 4D >H?EC@E <=CBE @F F<<AE/EC@GAH AG8=FA@F G ;HBE@G @G 9FD=BF:GECH @F =BGDG::FAH <HA GD ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 ?3H AG>=DBFCE H>>HAH (8DG @HG BAH F<<AE??G BAF@G:GECFDG GD market approach E F<<AE??GE @HD ;HA?FBE D0income approach E F<<AE??GE AH@@GB=FDH

Figura 5: Grafico dell’andamento dell’IPAB – Indice dei Prezzi delle Abitazioni per il periodo 2011 – 2014 redatto dall’ISTAT su base nazionale

Figura 6: Linee guida per la valutazione degli immobili ai fini della concessione del credito redatte dall’ABI – Associazione Bancaria Italiana

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Conclusioni G8=AF Schema grafico dell’MCA – Market Comparison Approach

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