A.K.Temeshov
(11-NBM-1)
CREDITING AT REAL ESTATE PLEDGE.
PROBLEMS AT THE ESTIMATION: THE THEORY AND PRACTICE
The market economy functioning
in Republic Kazakhstan can't do without capital estimations any more – real
estate, business, the earth and its bowels, cars and the equipment, etc.
The
market economy is based on market which essence for today in Republic
Kazakhstan everyone understands in own way.
The
Kazakhstan appraisers in the works use the international standards of an
estimation and methods of definition of various kinds of cost, thus often
actually meaning so-called «inventory cost».
The
objective, well-founded conclusion about size of market cost of real estate is
necessary at purchase and sale or tenancy operations, the enterprises and redistribution of property shares, at
attraction of new shareholders and additional issue of actions, at the taxation
and real estate insurance, at crediting on the security of property and
attraction of investors, including foreign, at execution of rights of
succession, the adjudication and other operations connected with realization of
property rights.
Crediting
development makes essential impact on economy and social sphere of the country
since the mortgage for the state is a convenient and simple way to provide the
people a living space, for financial institutions is a favourable operation of
means, for the building companies - a way of enrichment, as well as for set of
the accompanying small organizations (realtors, notaries, appraisers, contractors).
Crediting
– one of the most effective ways of attraction of investments.
As it
is known, at realization of credit activity one of the primary goals, facing
bank structures, – minimization of credit risks.
One of
classical ways of minimization of credit risks is entering by the borrower of
pledge.
However
such way doesn't guarantee success to the credit policy of bank. One of the
reasons of it is arising at management of credit risks the reflective
interrelation between the credit and pledge.
The
basic complexity at definition of true cost of pledge consists that its market
price is floating size and depends on a business cycle phase.
So, the
strong economy with high credit activity, as a rule, lifts estimations of
actives and increases volumes of the arriving incomes serving for definition of
credit status of the borrower.
On a
trajectory of economic recession value of mortgaging actives can promptly fall.
For adequate estimation of cost of pledge it is necessary to consider a great
number of factors, including the future dynamics of an economic and legal
conjuncture, i.e. acceptance of microeconomic decisions depends on a
macroeconomic situation.
As it
is known, delivery of the credit in economic growth under the pledge estimated
at the price of this period, and its repayment by means of realization of
pledge in depression lead to financial losses of the credit organization.
It is
necessary, that the price of pledge at the moment of credit repayment wasn't
too low, otherwise the risk of a non-return of the credit sharply increases.
However
even at comprehension of necessity of the account of effect of reflexivity in a
chain «the credit – pledge» completely to eliminate financial risks of
crediting it is not possible.
It is
connected with following problems: complexity of forecasting of the price of
pledge as the ideal knowledge of development of the corresponding commodity
market for this purpose is necessary; impossibility of exact forecasting of
periodicity and a business cycle condition; uncertainty of inflationary
dynamics which depends on state regulation measures.
The
solution of a problem of uncertainty of the price of pledge by overestimate of
its current size over the sum of the given out credit can seem natural, however
in practice it appears poorly realized as demand for credits in this case falls
that is equivalent to "reduction" of the credit market and blasting
of financial positions of bank.
Besides
direct distortion of the true price of pledge inflation renders a great
influence on profitability, that is why and on solvency of the borrower.
The
basic problems which appraisers usually urged to solve, are connected with
estimation of cost.
It has
great value for the buyer or the seller at definition of a reasonable price of
the transaction, for the creditor at decision-making on mortgage loan granting,
for the insurance company at damage compensation.
Absence
of the debugged and settled system of an estimation leads to occurrence of
numerous disputes and questions between participants of market relations.
It,
first of all, concerns conditions of the conclusion of transactions on property
alienation, granting of property for execution of obligations (pledge, a
mortgage) and definitions of efficiency of investment in manufacture and
reference spheres.
As a
whole, the problem of a choice of those or other approaches and methods at a
real estate estimation depends on specificity of these objects, character of a
solved problem and corresponding requirements to an estimation, characteristics
of the accessible information and resources which can be used for an
estimation.
The
qualified and well-founded conclusion about cost characteristics of object of
an estimation probably only on the basis of the initial data systematized and
confirmed in one way or another.
Summing up, it is possible to draw a conclusion
that the correct credit policy at a real estate estimation will promote more
effective functioning of market economy at all stages of its development.