Understanding the complete process of property appraisal from Inspection to final report.
Thousands of properties are bought and sold each month throughout Canada and Ontario specifically Greater Golden Horseshow area being one of the most robust and busy real estate markets in the province of Ontario and most of these transactions require an appraisal by the lending institution, thus making appraisal for mortgage financing most common types of Appraisals. Having completed thousands of appraisals throughout GTA, Walson Consulting Inc. works closely with various lenders acting as an unbiased third party providing accurate and thorough property appraisals for sale/purchase, refinance for first OR second mortgage OR applying for home equity loans.
Parties Involved
Lender
Lenders want to make sure that the loan they are approving is not more than what the property if worth for. In other words, lenders want to know the market value of the property so that they can use it as a collateral in case home owner is not able to pay their mortgage in the future.
Buyer
Real estate if the most important and expensive transaction you will even make in your lifetime. We can help you to find out how much is the property actually worth you are buying making sure that you are not overpaying and giving you negotiation power over the price of your dream home.
Seller
Seller will get their property appraised before putting them on the market in order to know the starting selling price. If there has not been an offer made for the property, we can help you to find out what selling price you can start at before putting your property on the market.
The Appraisal Process
A member of our appraisal team will walk through the property, taking note of anything that may raise or lower the value in our final report. For example, this may include the condition of the structure, the age of the roof, the condition of the HVAC system, and more.
Next, we will determine which of the three approaches to value (Direct Comparison Approach, Cost Approach, and the Income Approach) is the most relevant for that property type. For example, let’s say the property being appraised is a residential three-bedroom home. We’d look at other similar homes with three bedrooms, and use their sale prices and characteristics to determine the value of the property. When we generate an evaluation for a mortgage loan, we’ll complete an appraisal report that reflects the accurate market value of the property in question in order for the lender to set a loan amount.
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