Why do I need a property appraisal?

Why do I need a property appraisal?

 

Hi there,


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?

Answers

By Canadalend

Hi there,

 

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.
 
3 comments
Level 6 (XP: 2400)
5 years ago
Contact the Canadalend team for more information about the options available to you
Level 6 (XP: 2400)
5 years ago
Thank you for your comment, feel free to contact our team at anytime for more information about the services we provide
Level 4 (XP: 1150)
5 years ago
Getting a property appraisal is one of the most important things to get done, you always want the more recent, more current information on the worth of the property you are interested in.

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