Whether you’re buying a home using a mortgage, refinancing your existing mortgage, or selling your home to anyone other than an all-cash buyer, a home appraisal is a key component of the transaction. If you’re a buyer, owner, or seller, you’ll want to understand how the appraisal process works and how an appraiser determines a home’s value.

KEY TAKEAWAYS

• An appraisal is an unbiased professional opinion of the value of a home and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.
• A qualified appraiser creates a report based on a visual inspection, using recent sales of similar properties, current market trends, and aspects of the home (e.g., amenities, floor plan, square footage) to determine the property’s appraisal value.
• The borrower usually pays the appraisal fee, which can be several hundred dollars.
• When the appraisal value is lower than expected, the transaction can be delayed or even canceled.

HOSSACK, NEWBY, GRAHAM, AND SMITH REAL ESTATE APPRAISERS AND CONSULTANTS LTD. 

#254 - 1460 Main Street North Vancouver, B.C. V7J 108 

Cell (604) 612-6245 Phone (604) 738-0109 hossack.newby@telus.net