Found 3 blog entries tagged as appraisal.

What's the difference between a home valuation and a property appraisal? 

If you've begun the process of selling your home, you've likely already come across these two terms. While it's easy to get confused - because they are similar - there's a difference that sets these two terms miles apart in the eyes of the law. Put very simply, that difference is estimate vs. exact. Let's delve further into this difference:

A header image of home shaped figurines scattered across a wood surface with calculators.


Home Valuation

Home valuations are done by real estate professionals in order to estimate the value of a property. The method they use to do this is called a Comparative Market Analysis, also simply known as a CMA. A Realtor will examine previously sold properties with similar features in the area to create a report. This report…

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Everything has its own jargon; its own terminologies. Real estate is no exception. Are you searching for the meaning of some words listed in your contract, or looking to understand a word you heard your Realtor say, but were too afraid to ask? Never fear, C21 Able is here. We've made a small dictionary of real estate terms for you! Bookmark or favourite this page to have as a handy reference while you're going through the home buying or home selling process.

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Active contingent

When a seller accepts an offer from a buyer, that offer hinges on the buyer’s ability to meet certain conditions before sale finalization. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller…

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You’re in the thick of things now. You’ve gotten pre-approval from the bank, you’ve hunted down the house you want, you’ve signed the purchase agreement and now you’re dealing with a home appraisal before the bank officially approves your loan.

 

The Basics

Before we get to the negotiating tips, we need to understand how the appraisal process works. You wouldn’t start playing a game of football without knowing the rules, right? Understand first, play to your advantage after.

Your loan lender chooses an appraiser from your area to assess an opinion of value, or rather, how much the house is worth. This appraiser is a licensed and certified professional who is unbiased – they do not represent you or the seller. This is done so that the home…

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