All about real estate valuation services or Real estate appraisal

Whether you are buying a property or selling it, residential real estate appraisers are always key components in any type of property transaction. Owner, buyer, seller, mortgage companies, renters, money lenders take their services in different ways. They hire them for settling on the best price beneficial for all stakeholders. In this blog, we will discuss all the aspects of appraisal or valuation services.

What is real estate appraisal?

The appraisers are professionally trained individuals that use their expertise, knowledge, and experience in deciding the appropriate value of a property. They can work individually or under a banner of a company. Appropriate prices are reached by them by considering age, conditions, location, prospects, basic amenities, and others aspects of the properties.

Based on their requirements, different stakeholders contact them for their unbiased opinion. If a mortgage company, take their services, they settle the prices on their perspectives

Working Process of Real Estate Appraisal Ottawa

Real estate valuation services professionals primarily try to protect the lender's interest because, in most of the case, lenders pay the fee for the appraisal.

The appraisers visit the property and study these points and collect the relevant data-

·      Sale figures of nearby localities.

·      Floor plan functionality.

·      Number of bedrooms, bathrooms, kitchen, storeroom, study room, and others.

·      Visual inspection of the property’s interior and exterior.

·      Property related documents.

·      Check the details of recent repair work.

Once they have done their work, they submit their reports that include the following.

1.    A building sketch- Interior and exterior

2.    A detailed explanation about square footage calculation

3.    A Street map showcasing all the nearby attractions and facilities.

4.    Other pertinent data like market sales data, tax records, land records, etc.

5.    Photographs of the property through different sides

While purchasing a home, appraisal documents are the first step. If the appraisal price is above the contract price or below the contract price, both the situation has advantage and disadvantage through different stakeholder’s perspective. The transaction gets delayed in both cases. Low appraises give a good opportunity to buyers for renegotiation of the deal and the higher appraisal serves as a reminder that a buyer should close the deal as soon as possible.

In another way, the seller raises doubt on low appraisal and asks for contacting another residential real estate valuation. Appraisers are also human beings and they make a mistake, so either way, if the appraisal is way high or low, it is advisable to take the second opinion for being double sure.

If you have plans to involve in property transactions, always contact a trusted real estate valuation services company. www.ucas.ca is a trusted name in this segment and this company is providing appraisal services to all sorts of properties.