Learn about Appraisals & Assessment vs Appraisal
People dealing with real estate, sooner or later will find themselves seeking a residential appraisal. People like home buyers and sellers, lenders, investors, developers or government agencies at one point might need a home or investment property appraisal.
All real property has some sort of economic value and it is important to a market, the buyer and the seller.
Home sellers use real estate appraisals to determine a listing price that will align with the current real estate market, while home buyers use real estate appraisals to decide on a proper offering price. Lenders use appraisals to help estimate the market value of properties being used as security for a mortgage or a loan. Appraisals can determine whether or not a buyer, a mortgage lender, bank, or a real estate investor enters a deal or not.
Appraisals look at the real property and define it by everything attached to it. Why would home or investment property sellers and buyers need an appraisal? They need to get a third party unbiased opinion of the value of their real estate.
Appraisals are usually done on a certain date and they are based on an analysis of collected data. A CRA is a Canadian Residential Appraiser who is a member of the Appraisal Institute of Canada and is qualified to appraise, under certain criteria, anywhere in Canada. If you are a seller or a buyer and you want to be sure about a property value, then you need an appraisal.
There are several other reasons why someone might need an appraisal. They might need it for transferring real estate ownership, re-financing a home, equity take-outs, credit purposes, probate, taxation purposes, etc..
The appraiser can be hated or loved. It all depends on what the value is said to be in at and why you need it. Just remember, John Alkins is a Canadian Residential Appraiser (CRA). John Alkins probably knows the value of your real estate or investment property better than you do.
Your property value is based on many factors including comparable realestate recently sold near the property being appraised. John Alkins is an experienced appraiser with a significant amount of property value knowledge and he knows Toronto and the Greater Toronto Area. He is up to date in his market knowledge because he is also a Real Estate Broker.
Assessment vs Appraisal
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