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Why Do You Need a Home Appraisal?
Mortgage lenders usually finance a property on the basis of whichever is lower: the appraised value of a property or the sale price. Only a current, dated appraisal is accepted for a mortgage refinance or a home line of credit. Thus it is paramount you have a qualified Canadian Home Appraiser conduct your home appraisal; whether that be as a puchaser seeking financing, a current owner seeking equity takeout, or as a seller wishing to have documentation of the current value of your property.
A property appraisal is a formal, impartial estimate or opinion of value, usually written, of an adequately described property. The process of valuation, however, is more than a matter of referring to one or two sales in a given area and then calculating an opinion of value. An appraisal should be supported by the presentation and analysis of relevant data.
In Canada, the real estate market is ever changing. Valuation in today's market requires the service of educated and experienced professionals. Canadian Home Appraisers are trained and competent in recognizing the factors that affect property value. Appraisal amounts usually differ from tax assessment values and often tend to be much higher.
The Appraisal Institute of Canada, a national institute of professional appraisers, is dedicated to high and uniform standards for members. When considering an appraisal, choosing a member of the Appraisal Institute of Canada ensures compliancy with the Uniform Standards of Professional Practice of the Institute.