Why do I need an Appraisal?
I am the executor of my parents' estate and need to figure out the value of my childhood home, why do I need an appraisal?
The reason you get an appraisal done by a designated appraiser is to be confident that they will provide you with an unbiased market value of the home. Working to settle estates may at times become contentious, you need an impartial person to mitigate any potential arguments.
I am going through a divorce/separation and need to figure out the value of my home.
Why do I need an appraisal?
The best thing you can do if going through a divorce is to get your home appraised by an unbiased designated appraiser right away. Make sure to pick someone that has been recognized by the courts as an expert witness. Usually your home is the bulk of your net worth and you want an impartial expert to guide you in the right direction.
I am going to be refinancing my home, why is it a good idea for me
to get an appraisal done before going to the bank?
It is a good idea for you to get an appraisal done BEFORE going to the bank for three reasons. 1. If the bank orders the appraisal, they own the appraisal and you would not have access to it even if you paid for it. 2. The bank may have parameters to the appraisal that could exclude some components of your home. For example, if you have an attached garage and a large detached garage, some banks will not allow you to include the detached garage in the final estimate of market value. 3. You need to arm yourself with the best information you can get before going into any negotiation.
Why should I use an appraiser to figure out the market value of my home and not simply contact a Real Estate agent? What's the difference?
In 1998 legal consumer protection was enacted to protect you from biased market value opinions. The designated appraiser is listed as a professional in Nova Scotia legally allowed to give you an opinion of market value. The Appraisers Act of Nova Scotia does not allow a Real Estate agent to give you an opinion of market value and they are not recognized in the courts as valuation experts.
What do you mean by Market Value? Isn't the market value of my home
whatever someone is willing to pay for it?
Not always. For example, many times we meet people that were convinced to buy a home for much more than what it was worth and others who were convinced to sell their properties for much less than the market value. These kinds of transactions happen frequently in Nova Scotia and would definitely not meet the test for market value.
Market value is very specific and defined as “The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self interest, and assuming that neither is under undue duress.”
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If you are uncertain about the market value of your property, we're a phone call away.
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