Investors and home owners are sometimes surprised by the substantial difference between a market appraisal and a valuation.
Real estate agents provide property appraisals using their knowledge of sales in neighbouring areas and their professional experience in order to gain a listing.
It is an agent’s role to get the best possible price for the seller of a property through marketing and sales techniques.
However, a property valuation is independent of an agenda and is based on facts, property size, features, construction and statistics.
It is a key part of the bank’s lending process along with other elements like, employment and credit history or your ability to pay back to the loan.
Obtaining a property valuation is always an important undertaking when purchasing a property.