Appraisal Company Toronto

What is Buyer’s Mortgage Appraisal?

When purchasing a real estate property, buyers want to assure themselves if the property is worth buying at that price. There are various reasons why you should get it appraised before finalising the deal.
The rising home values and limited inventory in the current market has made it imperative to have an appraisal. An appraisal will provide an unbiased estimate of market value opinion and can be an effective tool when negotiating to purchase. Listing real estate brokers always represent the seller. They do not represent the buyer’s interest unless working under dual agency. They must represent the interests of the seller. Unless you are working with your own buyer broker who can advise you, an appraisal will give you an unbiased opinion of value and help you negotiate the best price.

The market is always changing and may have its influences due to various market conditions such as federal decision on interest rate changes, situations like COVID-19 Pandemic and market uncertainty due political influences etc. So, before you firm up the deal, you may want to tale a second opinion to assure your decision.

Why do you need Mortgage Appraisal?

When buying a real estate people rarely have the money to pay in “cash” and the in most cases you would need a mortgage from Banks, Trust and Mortgage companies, Credit Unions, Loan and Mortgage Brokers and Private lenders. They rely on the combination of both your credit worthiness and value of the assets their security. They would need independent appraiser to evaluate the property value and will approve the deal “subject to the appraisal”. The Seller for own reasons (undersold, change of mind, or family dispute etc.) may refuses entry to the appraiser to value the property for financing. The lender may not release funds until the “subject to appraisal” has been meet. Therefore, it is a good practice always read the contract documents, understand the significance and consequences of those clauses and to always have your option to access for the appraisal before closing.
You may also not want to be in a situation when the appraised value come less than the purchase price and as the lender will simply ask for additional down-payment or may even refuse to lend.
Our valuation services include but are not limited to new homes, re-sales, mortgage renewals, refinances and power of sale or foreclosure appraisals.
Contact us today via phone or email as given below to get the Buyer’s Mortgage Appraisals for your dream house so you can buy at the RIGHT price.

PV Realty Advisors logo