How is Value Determined in a Home Appraisal? An appraisal is a third party opinion of the market value of a specific property as of a specific date. The appraisal institute of canada defines market value as “The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or
Lender's Work With Appraisers They Trust Not all lenders deal with all appraisers...why is that? Since the beginning of time, lenders have had a list of appraisers they choose to work with. They do this so they can manage the quality of the appraisals and it provides them relative certainty on costs, turnaround times and
WHAT'S THE DEAL WITH TRANSMITTALS LETTERS? Audience: Residential Mortgage Brokers in BC Lender’s require a letter of transmittal in their name, which allows them to rely on an appraisal for mortgage financing purposes. If an appraisal does not work with a lender, the broker/client may request a letter of transmittal from the appraisal firm for
Sale Price & Appraised Value Should be the Same? Not necessarily. Read on my friends.... The sale price is the amount paid by one party to another, in exchange for ownership of a piece of real estate. It is usually determined by market forces, most notably demand and supply of that housing type. Other items
Market Rent For Illegal Suites (July 2022) Market is rent is often requested by lenders to better understand debt servicing ratios. Market Rent can be given to most self-contained living units, given they have private access, a full working kitchen and bathroom. This is easy enough for apartment units, townhomes, and single family homes. But
Home Appraisal vs. BC Assessment Values When it comes to real estate, you need to know your numbers. A home appraisal and BC Assessment will prove useful in determining property value. However, they each take different approaches when calculating the figure. Below are the differences between a home appraisal and BC Assessment. Functions A home
How to Determine a Home's Value Many people think about a home's value when they are considering selling their home or buying a home. If you're thinking about buying a home, you may want to know its value so that you can determine whether you can get the mortgage amount you require from the lender.
Questions to Ask Your Commercial Property Appraiser One of the most important aspects of a commercial real estate transaction is a property appraisal. Whether you’re buying or selling a piece of real estate, you want to ensure that the property appraiser you’ve hired is capable of correctly determining the value of the building or land
When Should a Property Owner Engage an Appraiser? Do you know how much your property is currently worth? We’re not referring to the amount you paid for your home. Over time, the value of a home may change due to home improvements, infrastructure developments, and even landscaping. Getting your property reappraised is the only way
How to Increase Your Home Appraisal Value Several circumstances may have piqued your interest in the value of your property. Maybe you’re thinking of selling your home or buying a new property. Perhaps you need to settle a legal dispute or are seeking a loan from a financial institution. No matter the reason, a home
