The main players in a real estate industry will at one point have to deal with a real estate appraisal processes in Vancouver. It is one of the most misunderstood processes in any property market and it is important to have all parties understand what is involved. Most buyers and sellers are sceptical about the process; especially considering a recent report puts the average cost of the process to be as high as $309.
To clear the gray areas in residential appraisal services in Vancouver, here are some answers to frequently asked questions:
- What does home appraisal Vancouver process require? In the simplest term, this is an assessment by an expert about the exact value of a home. It is requested by a lender to ascertain a fair market value of the property before the closing stage of the mortgage.
- What is the importance of real estate appraisers Vancouver? These experts not only prevent you as the buyer from buying an overvalued home, but it also cushions the lender from loaning out too much on such a property.
- What does the process involve? This thorough process requires a home inspection to ascertain the size of your home, improvements and upgrades and other property features. The next stage is checking comparable properties in the neighbourhood to give an estimate. A final report is then given, which includes a complete property analysis. This will include size and condition of the property, structural problems, maps, sketches and photographs, details on improvements and market analysis.
The best appraiser provides comprehensive services including depreciation reports, commercial appraisal in the city and real estate listings among other services.
