Home Appraisal Ottawa

So I had two sales this week and both of them required a bank appraisal. 💰

One was for my buyer and the other was for my listing. 🏡

Karen MacDonald from the Hamre Real Estate Team at RE/MAX Affiliates in Ottawa, and both my buyer and seller were a bit nervous about this. 😬

I thought this was a good topic to discuss and explain exactly what the bank appraisal is all about. 🤔🏦

So let's dig in a bit deeper. 🔍

Most lenders will require a bank appraisal. 🏦

If you are putting 20% down or more on your purchase. 💰

If you're putting less than that, then you are they're already protected by CMHC insurance. 🛡️

So the lender needs to protect their investment and they want to make sure that the home you purchased is worth what you paid for it and nothing less. 💼🏠

Now, like I said, my buyer and seller were both nervous about this bank appraiser. 😬

I was not nervous. 😎

I know we didn't overpay as a buyer and our listing was not overpriced. 💵

So let's get this appraisal done and let's move on and everybody's happy. 😅👍

But what happens if your appraisal comes in low? 📉

Now who's responsible if the appraisal comes in under what your accepted offer is at? 🤷‍♂️

Now, if you're still in a conditional period, you're ok. ✅

But if the appraisal comes in at 350, your accepted offer is at 400,000, who makes up that $50,000 difference? 💸

Because the bank is only gonna give you what the appraisal came in at. 🏦

It is on the buyer to cover that extra. 💰

Now, you can go to another lender or you can actually talk to the appraiser. 🗣️

Sometimes there, there are ways around it and if you're still in the conditional period, you can back out of the deal. 🚪🙅

It is so important in this market or any market to make sure that you're working with a great agent, who knows what is happening in real estate and who is going to make sure that you don't overpay for a home. 🏡

So you don't have to worry about that bank appraisal. 😌

I did a video not long ago with regards to the extra costs that come with buying a home that you don't even think about. 💡

Actually, this could be one of them if let's say the appraisal comes in at 10,000 under and you don't want to miss out on this home. 🏡

This is your dream home and you want this home. 🌟

So you're going to pay that $10,000. 💰

Well, that extra cushion can help you with that. Karen MacDonald from the Hamre Real Estate Team at RE/MAX Affiliates in Ottawa. 🤝

If you have any questions about the bank appraisal or any real estate-related questions, give me a shout. 📞🏠😊