What is a home appraisal and should you be worried? In todays market with increasing inventory, buyers who purchased in early 2022 may find themselves needing a large downpayment if the home appraisal comes in less than the purchase price. Read the full blog here:
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Often we get asked the difference between a bank appraisal vs a real estate appraisal. Although they are very similar, they play different roles. A bank appraisal is required (and often requested) by a bank by a 3rd party company.
A real estate appraisal is done by a realtor. Often times a lender will not permit a real estate appraisal for a mortgage as it could be perceived to have some bias.
How do you avoid problems with a home appraisal? The easiest way is to ensure you use a Guelph Realtor who knows local pricing. This will avoid you overpaying for a home. Read more about that here:
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