Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.

A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.

The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.

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Stewart J Lowe
RE/MAX Real Estate Central
#206, 2411 - 4th Street NW
Calgary, AB T2M 2Z8
Cell: 403-850-0669
Fax: 403-547-5195
Office pager 24/7: 403-216-1600
StewartJLowe@shaw.ca

Remax Real Estate Central is the Number One Remax in the World based on closed transactions. Stewart J Lowe is a 2009 Top Producer, and member of Remax Western Canada 100% Club based on sales and service, and the Executive and Chairmans clubs. Quote from Stewart J Lowe "I want to be the real estate professional that really helps you, and keeps you in total communication. We like to work with a limited number of clients, individually taking the time to understand their lifestyle and their individual needs. Buying High End Real Estate with us as your team will be an enjoyable experience"