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Old 03-03-2021, 02:37 PM   #1
kaddy
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We're looking at getting an appraisal on our house. Do anyone have any good recommendations on a house appraiser to use?

Thanks!
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Old 03-03-2021, 03:53 PM   #2
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What's the purpose?

If you're just curious, getting a couple of comparative market analysis reports from realtors (free!) is probably your best bet. If you want to refinance, the bank will pick and won't take one you've done in advance, so paying for it is a waste of money.
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Old 03-04-2021, 09:38 AM   #3
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What's the purpose?

If you're just curious, getting a couple of comparative market analysis reports from realtors (free!) is probably your best bet. If you want to refinance, the bank will pick and won't take one you've done in advance, so paying for it is a waste of money.
The purpose is for selling. I think you're right, maybe we'll just see what the realtors we're looking at come up with in their comparative market analysis first, vs spending money.
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Old 03-04-2021, 10:05 AM   #4
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Yea, a good realtor will be able to basically do the same as what an appraiser would do...look at comparative sales, but adjusting to how the market has significantly shifted in the last couple weeks.

Don't spend your money on an appraisal.
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Old 03-04-2021, 05:41 PM   #5
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I am curious about the appraisal process. We sold our house on Sunday and our purchasers had a down payment that avoids CMHC fees so the bank is scheduling an appraisal and I am concerned what it could do to our deal. If the bank appraises the house lower than what we sold it for it will force our sellers to come up with more money or they will try and renegotiate with us.

I am concerned the appraisals are not in line with the hot market. Interested if anyone has gone through this with a home sale or purchase and how it went?
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Old 03-04-2021, 07:17 PM   #6
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I am curious about the appraisal process. We sold our house on Sunday and our purchasers had a down payment that avoids CMHC fees so the bank is scheduling an appraisal and I am concerned what it could do to our deal. If the bank appraises the house lower than what we sold it for it will force our sellers to come up with more money or they will try and renegotiate with us.

I am concerned the appraisals are not in line with the hot market. Interested if anyone has gone through this with a home sale or purchase and how it went?
My experience with buying property with non-CMHC appraisals is that they always come in right at or slightly above the purchase price.

The bank wants the business, and the appraisers know that if they consistently screw up deals they'll stop getting calls.
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Old 03-04-2021, 07:19 PM   #7
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Originally Posted by Vinny01 View Post
I am curious about the appraisal process. We sold our house on Sunday and our purchasers had a down payment that avoids CMHC fees so the bank is scheduling an appraisal and I am concerned what it could do to our deal. If the bank appraises the house lower than what we sold it for it will force our sellers to come up with more money or they will try and renegotiate with us.

I am concerned the appraisals are not in line with the hot market. Interested if anyone has gone through this with a home sale or purchase and how it went?
Is the sale conditional to their financing?
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Old 03-04-2021, 08:18 PM   #8
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Is the sale conditional to their financing?
Yes it is
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Old 03-04-2021, 08:19 PM   #9
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Originally Posted by bizaro86 View Post
My experience with buying property with non-CMHC appraisals is that they always come in right at or slightly above the purchase price.

The bank wants the business, and the appraisers know that if they consistently screw up deals they'll stop getting calls.
That is what I am optimistically hoping for. Puts me at ease thanks
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Old 03-04-2021, 09:46 PM   #10
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That is what I am optimistically hoping for. Puts me at ease thanks
I can only speak from a Vancouver perspective but it's very rare for an appraisal to come up short.

Here we have insane markets with very fast increases and people paying hundreds of thousands over list price, yet they still appraise out almost all the time.

Unless you've sold way way above any logical comparable, it should be fine.
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