Tanya Rankin discusses the reality of Bank Appraisals and why they may not accurately reflect Market Value.
Tanya Rankin: Hi it's Tanya Rankin in Williams Lake. For years as long as I can remember there's always been there a really mixed message with respect to an appraisal that's done for bank purposes and a market evaluation or a market appraisal that a real estate professional does to you when your thinking of selling. And I had somebody say well they understood that the bank appraisal is often a bit lower because the bank doesn't want to carry any risk and that there for they gonna have their appraisers go in and give a price that's less than what actually they could sell a property for to eliminate that risk with that the bank will take on. I guess what I found over the year is from my experiences that the bank is in the business of making money by lending the maximum dollar they can on the asset that they're going to be using a security. And like any business when you wanna make money that tends to be what happened. So bank appraisals historically have been a bit higher than what actually the market appraisal are market evaluation is. I can't say a percentage amount or give you an idea of exactly what because each individual home and each individual client at that bank is working for they will work it slightly differently and that were so important not to mixed up the two and if you're serious wanting your home sold you need to get a professional in a professional realtor that selling enough real estate and marketing a real estate on a day to day basis that they can properly price your property. If you have any questions send me an email anytime to firstname.lastname@example.org and I hope you have a fantastic week!