April 5, 2010
Home Selling | Getting The Right Home Appraisal
Selling your home without getting a proper appraisal done is like opening your bulging wallet in a hurricane – your hard-earned money will be sucked away with the wind. This is because without a good appraisal, your home may be under priced and you could lose a great offer, or overpriced so it won’t sell. Either way, you have done yourself a disservice.
You may also want to get an impartial appraisal done on your home if you are not immediately selling for other reasons such as: refinancing a mortgage, purchasing home insurance, reducing property taxes, or facilitating divorce proceedings, to name a few.
Who can you trust to give you the best appraisal?
No matter who you hire for an appraisal, the underlying purpose is to develop a carefully documented estimate of your house and property value through in-depth research. The completed document protects the interests of several parties, including the buyers, sellers, mortgage lenders and other people involved in the transaction.
If you require an appraisal for your mortgage lender, you will be responsible for the cost of the document, which is approximately $200-400. Most lenders will have a list of appraisers they trust, so it is in your best interest to play in their ballpark and choose a company they are familiar with. Although you actually pay for the appraisal services, the lender is the one who owns the document, unless they legally release the papers to you. You will receive a copy for your reference.
Be aware that some areas do not require a license or certification for real estate appraisal. However, it would serve you well to find a qualified and certified person for the job.
Ask if the appraiser is accredited with a professional Canadian designation including AACI (Accredited Appraiser Canadian Institute) and the CRA (Canadian Residential Appraiser). Appraisers who have made the effort to receive these certifications are committed to their craft and upholding the ethical standards for which the designations stand.
Be sure your appraiser knows your neighbourhood.
When you are dealing with an appraiser, ask how many homes he or she has appraised in your neighbourhood. This is important, as these appraisers will be very familiar with property values in your area. They will also have a strong knowledge about additional factors that affect property values, such as nearby schools, shopping and fire department access.
Home appraisals are primarily subjective, so it is important to have up-to-date information including the current market value in your area. This figure could change in coming months depending on the volatility of the real estate industry.
Find out more about Calgary luxury real estate opportunities at SmartCalgaryHomes.com, your resource for Calgary luxury homes.
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4 Comments on Home Selling | Getting The Right Home Appraisal »
April 17, 2011
Spaccaboy @ 5:14 am:
For years I have been waiting for Apple to take designers back to where they came from, full circle, back to the drafting board. It seems like a natural progression of the flat panel, the flat panel as a surface, it ties in with the whole tough architecture that appears to be a big part of everyones’ future computing strategies so I think this is a sensible and obvious move.
June 26, 2011
Gillian Cunningham @ 2:58 pm:
Nick, Thanks for your perspective. However, here’s WHY SELLER’S NEED A REALTOR – - – - As a seller, one must be aware of one’s specific market. In early to mid 2000, many U.S. home owners were selling their homes with much success. Financing guidelines were very lenient so buyers were plentiful. However, today and for the past three years, the U.S. home selling landscape has changed. Yes, there are still buyers out there and homes are still selling but it takes an experienced, professional seller (i.e., a Realtor) who has knowledge of the market, and the skills to properly prepare and expose a property to as many buyers as possible to maximize a seller’s return on investment and to sell a property for the most money possible. In addition to this, there are several other factors to consider, (1) Property Showing Availability & Security – as a Seller, do you have the time to be at the property everytime, a buyer calls to view the property?; And, how do you know that the person calling to view the property is truly interested and qualified to purchase the property or whether they have another agenda? As a Realtor, although we cannot always determine a buyer’s overall agenda, we can make sure prospective buyers are prequalified to purchase the property before they ever view it; And since Real Estate is our business, we have availability throughout the day to show properties. (2) Property Price – as a Seller, how is property value determined? and is the value selected truly representative of the “Market Value” which is the value a ready, willing and able buyer is willing to pay for the property?; As a Realtor, we have access to a database of recently sold properties in the area enabling us to more accurately determine market value thus, minimizing the time a property sits on the market because it is more realistically priced from the beginning. (3) Contracts / Legal Liability – as a Seller, chances are the last time you dealt with a real estate contract was when you purchased the property which may have been two or more years ago. Therefore your knowledge of the contract and contract changes is most likely very limited; on the other hand, as a Realtor who works with real estate transactions everyday and is very familliar with the contracts and contract changes, the process of writing a contract, negotiating terms and knowing the proper steps to close a contract is very routine, thus reducing a seller’s legal liability. SO TO MAXIMIZE A SELLER’S BOTTOMLINE, REDUCE SECURITY ISSUES AND LEGAL LIABILITY, HIRE A REALTOR!
July 30, 2011
Centauri @ 12:07 pm:
If a married woman is buying something to enjoy with her husband sexually, why would that be a sin ? I don't understand the reasoning behind your question.
Is it a sin to wear sexy baby dolls pajamas for you husband ?
Is it a sin to use flavored massage oil as part of foreplay ?
Is it a sin to buy anything else that you & your husband will enjoy together ?
August 5, 2011
FlyAngler @ 5:11 pm:
Chris: Why are these home selling at premiums to their assessments? Especially, those north of 3mm?!
Don't these buyers know that they are supposed to demand a price BELOW the assessment?
Aren't the buyers going to feel really foolish when the market collapses and their market values are down 20% from their purchase prices a year from now?
Idiots! (TFPIC)