I have begun the process of purchasing a home and was wondering why I need to go through a property appraisal. Is this something that the banks can really force me to do?
- The reasons for getting a real estate appraisal done vary depending on the house, Clients usually use a professional appraiser for an opinion on things like the house’s current value of property being bought or sold, the future value of a property that is currently being built, the value of the house for lending purposes, value to measure property tax, verification on damage claims.
- In Canada, the real estate market is constantly evolving so having the current value of a house is crucial when it comes to getting a mortgage loan.
Contact the Canadalend team for more information.