What Is An Appraisal?

The Real Estate market is a key building block for Canadian Economic and affects all segments of the business, society and consumers.

If you’re selling your home and you’re not sure what an appraisal is, you first need to understand this common real estate term.

“An appraisal is the neutral estimate of the true market value of a home.”

An appraisal is required anytime a borrower is going to be getting financing from a mortgage broker or lender in order to purchase a property. An appraisal serves as a safeguard for the lender who is funding the money as it ensures that a borrower is not paying more for a property than it’s truly worth, which protects the lender from over funding. Hence, before buying a Home, Bank will check market value of your property.

Similarly, when you are selling or refinancing your home, or need a fair market valuation of your property for tax reasons you’ll need to get an appraisal and there are ways to ensure you get the highest price point possible for your home.

You can contact me anytime before selling your home. I will give you free estate value for your home and will suggest key points for selling home.

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