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Do I need to spend money?

By March 5, 2020Appraisal Advice

Don’t spend money when you do not need too!

You might be able to answer your own questions.

A Real Estate Sales representative might be a good option to consider.

Regarding Market Value, read this definition;

CUCPAP 2020 3.44 Definition of Market Value: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and the seller each acting prudently, knowledgeably, and for self-interest, assuming that neither is under duress (The Appraisal of Real Estate, Third Canadian Edition, ed. Dybvig, (University of British Columbia, Real Estate Division, 2010), p. 2.8)

A report determining market value is required as the last condition to be waived in a purchase and sale agreement.

However, unknow to many, an appraisal can be requested prior to a property being listed for sale.

The Real Estate market is rich with experts. Expert sales people, mortgage specialist, building inspectors, insurance inspectors, and appraisers.

The internet includes many public access sites with properties listed for sale. A review of these sites will show you pictures and asking prices of properties that might be similar to yours. A search of the internet might answer your questions or satisfy your curiosity regarding market value.

Before you decide to pay for an appraisal report, you can contact Real Estate Sales Representatives. The licensed members of local real estate boards rely on personal contact to promote their services. In most cases, all you need to provide is your time to meet at your property and let them showcase their skills. Eventually you or someone you know will need the services of a sales representative. The Sales representative you contact for an opinion of value is aware of the potential for you to become a future paying customer. A good memory from a pleasant visit with respected results will provide the sales representative a future opportunity. However, there are limits on the use of letters of opinion, and some laws that require independent appraisers to prepare reports.

When you determine it is correct to spend money on appraisal services, the appraiser provides a confidential service.