Home Appraisal
Facts About Residential Real Estate Appraisals
Preparing an Appraisal Report is an Important Part of a Real Estate Transaction.
In general, a real estate appraisal helps to establish a real property’s market value–the likely sales price it would bring if offered in an open and competitive real estate market.
Chartered banks and any other lender will require an appraisal report when an applicant ask to use a home or other (real estate) as security for a loan, because they want to make sure that the property will sell for at least the amount of money it is lending. Some times the average consumer confuses a comparative market analysis, or CMA, with an appraisal.
Real estate agents use CMA (Comparative Market Analysis) to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMA, but an appraiser’s report is much more detailed, and is the only valuation report a bank will consider when deciding whether or not to lend the money. The reason is that an appraiser will prepare the report only on the recent market evidences that can support a final value but realtors are using their market sense and active listings to arrive a listing value which is different than appraised value. In other words, appraisers produce evidence based reports as opposed to Realtors that produce experience based letters of opinions.
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What is on a Residential Appraisal Report
Appraisals are very detailed reports, but here are a few things they include:
Residential Appraisal Methods
There are two common appraisal methods used for residential properties:
Sales Comparison Approach
The appraiser estimates a subject property’s market value by comparing it to similar properties that have sold in the area. The properties used are called comparable, or comps.
No two properties are exactly alike, so the appraiser must compare the comps to the subject property, making paperwork adjustments to the comps in order to make their features more in-line with the subject property’s. The result is a figure that shows what each comp would have sold for if it had the same components as the subject. The adjustment amounts come from various statistical data.
Cost Approach
The cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates if the cost to build is aligned with a sales data in the neighborhood. Looking for a home appraiser near me? We provide accurate residential home appraisal and property appraiser services in Aurora with fast home appraisal inspection in Richmond Hill.
Assurance Appraisals Inc. is proud to be a leading home appraisal company. We house a dedicated team of professional appraisers who are knowledgeable and highly experienced in their field. Our reports provide unbiased and precise opinions of value that will help you in your real estate transactions.
If you’re preparing for a real estate transaction and require an accurate valuation service to help the process, contact our customer service team and reserve an appointment with the most qualified team in the field.
Why Choose Assurance Appraisals Inc. for Your Home Appraisal
At our close-knit real estate appraisal company, we’re a dedicated team offering incomparable residential real estate appraisal services you can’t obtain anywhere else. We achieve our outstanding services by focusing on several fundamental principles, including the following:
Quality Control
Every appraisal we undertake goes through a multi-step quality control process before we issue it to the client. This ensures that our reports meet industry guidelines and that our standards are consistent across all our work. Our thorough and comprehensive process involving multiple levels of oversight ensures that you get the maximum expertise on your appraisal report.
Customer Service
We have a dedicated customer service team that is always available to answer your phone calls and emails. This means your questions don’t go unanswered, and your queries are quickly addressed. We’re also happy to provide you with detailed status reports on our work every step of the way, so you’re not left in the lurch. Our goal is to get your transaction on its way to a successful finish in the smoothest and most transparent manner possible.
Open Appraiser-Client Communication
Our staff of expert appraisers is attentive to your needs and strives to meet your exact requirements in every aspect of the project. Our skilled project management team always maintains open lines of communication with you, and we ensure our professional reports are in complete compliance with the state’s real estate industry standards while being understandable and easy to read.
Expert Real Estate Appraisers Serving Residents
Assurance Appraisals Inc.’s real estate appraisers are experts in their trade and offer you service with promptness and precision. Our real estate appraisers are trained and licensed to provide unbiased and accurate valuations of real estate properties. They’re fully certified appraisers, ready to fulfill your needs for a competent property valuation.
Our appraisers use various techniques to determine a property's value, including analyzing comparable sales data, inspecting the property, and considering essential factors such as location, condition, age, improvements, and unique features.
Choose Assurance Appraisals Inc. for Your Home Appraisal
Our residential home appraisals serve a variety of purposes, from securing a mortgage refinance to estate planning. Whether you require an appraisal to sell your current house or purchase your first home, we can offer you a broad range of services catered to meet your needs.
Have your appraisal services rendered by the best real estate appraisers. Dial (647) 800-4876 to recruit our team of well-trained, proficient, and diligent appraisers for your home review.
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