Tanya Rankin and Williams Lake Real Estate Discusses The Pitfalls Of The Appraisal Process For Bank Financing
Tanya Rankin: Hi it’s Tanya Rankin in Williams Lake. I have a real beef with the way CMHC handles appraisals and lending only two in appraised value they call in one person who is considered an expert in appraising properties even though appraisers and appraisals are not used nearly as much in the industry as they were like ten, twenty years ago when they do decide they’re gonna call in an appraiser that’s the word of the gospel. It is the value that they will lend on for that property and if by any chance that appraisal is not 100% accurate it can cost the seller hundred thousand of dollars. I’m not gonna make a lot of friends when I say this but if I only went in one in every fifty sales that happening in a specific area I’m no longer an expert on that property. You can not price a property properly by simply using the data and fax that are found on mls versus physically going in, viewing, seeing and understanding that amenities a certain home has to offer. I don’t know it really infuriates me I think something has to be changed in the way that system is used it feels like it’s kinda stuck in the archives and not moving progressively in the 21st century in order to give the most accurate information to sellers and in order for lenders to properly know the value of a property. If you have a questions send me an email anytime to email@example.com and I hope you have a fantastic week!