Another frequently asked question by Kitchener Waterloo home buyers is what is a real estate appraisal. A real estate appraisal is a professional, unbiased estimate of the value of real property usually in connection with a request for a mortgage loan. Risk-averse mortgage lenders will ask for an appraisal to confirm that the property being mortgaged is worth what the buyer is paying.
I do have one caveat for Kitchener Waterloo Realtors, home buyers and sellers. To avoid potential stress and heartache, always ensure if an appraisal is required, that appraisal occurs before the buyer waives their financing condition.