Al and Peggy's Corner: March 2013

Why Does The Bank Appraiser Want To See My Brampton, Ontario House That's Sold

Why Does The Bank Appraiser Want To See My Brampton, Ontario House That's Sold?

cartoo house on a question markYou've accepted an offer on your property, the buyers have removed their condition on financing
meaning they were qualified to carry the mortgage they applied for, and you have been told your property is sold firm. So why now, days from the scheduled closing date has the financial institution for the buyer asked if they can send an appraiser over to check the property?

Many Sellers are immediately concerned when they hear this.
What does this mean? They wonder if the deal is  going to "fall through" and that the property doesn't look it's best now that they have started packing and there are boxes everywhere.

Anything can happen late in the game, but usually the financial institution's last minute appraisal is a formality.
Many financial institutions reserve the right to re-evaluate the property because they want to be assured the property value is still what it was at the time the mortgage was approved or better. Many approvals are subject to this last minute verification of the value of the property.

If it happens that the value comes in today at a lesser value than it did when the mortgage was approved the buyer will be given a few options. One is to increase their down payment and pay the difference of the two values another option is to arrange a second mortgage, if they qualify.

Why Does The Bank Appraiser Want To See My Brampton, Ontario House That's Sold?

 

 

Search the Toronto MLS

 

Save the time searching, put us to work for you.  Trust, Honesty & Knowledge will be on your side.  Fill in the form below.

Al and Peggy CunninghamAl and Peggy Cunningham, Brokers

RE/MAX West Realty Inc., Brokerage
10473 Islington Ave., Kleinburg, ON  L0J1C0
905-450-5500

Email: TheHousePeopleTeam@gmail.com

Brampton Ontario Homes For Sale

Brampton Area Face Book Fan Page

Brampton Area Real Estate Blog

Comment balloon 9 commentsAl & Peggy Cunningham, Brokers • March 29 2013 08:56AM
Why Does The Bank Appraiser Want To See My Brampton, Ontario House…
share
Why Does The Bank Appraiser Want To See My Brampton, Ontario House That's Sold? You've accepted an offer on your property, the buyers have removed their condition on financing meaning they were qualified to carry the mortgage they applied for, and… more
Two Bedroom Condominium For Sale Under $340, 000
share
Two Bedroom Condominium For Sale Under $340, 000 Listing Details: Address: 935 Sheppard Ave. W. #812Price: $339, 900MLS Number: C2588790Bedrooms: 2Washrooms: 2Location: Corner Suite with BalconyHurry and contact Al and Peggy Cunningham 905-450-5500 or… more
Specialty Custom Cakes In Brampton, Ontario
share
Specialty Custom Cakes In Brampton, Ontario When it came time to celebrate our grandson's tenth birthday we needed a very special cake, after all he was now entering into his double digits. It couldn't be just a plain old ice cream cake or even a… more
Is It Wise To Accept A Conditional Offer On My Brampton, Ontario…
share
Is It Wise To Accept A Conditional Offer On My Brampton, Ontario Property? Accepting an offer with conditions in it on your Brampton, Ontario property can be concerning to many Owners. If those conditions are handled properly it shouldn't be. You… more
Brampton Ontario Mill Street Two Bedroom Condominium For Sale Under..
share
Brampton Ontario Mill Street Two Bedroom Condominium For Sale Under $240, 000 Listing Details: 320 Mill St. #604, Brampton, Ontario Price : $239, 900MLS Number: W2588777Bedrooms: 2Washrooms : 2Location: Corner Suite with South/East/Western views of… more
Looking At Earth Hour March 23, 2013 Differently
share
Looking At Earth Hour March 23, 2013 Differently Spring is here and right behind it is Earth Hour this Saturday March 23, 2013 between 8:30 and 9:30 p. m. That's when we are asked to turn the lights and electronics off to raise awareness about the… more
Brampton Ontario Detached House For Sale Under $260, 000
share
Brampton Ontario Detached House For Sale Under $260, 000Listing Details:12 Horatio Court, Brampton Ontario Price: $259, 900MLS Number: W2586305Bedrooms: 3Location: Court setting backing onto treesHurry, don't wait, contact Al and Peggy Cunningham 905… more
Brampton Ontario Open House Sunday March 24, 2013 - 11 Sterne Ave.
share
Brampton Ontario Open House Sunday March 24, 2013 - 11 Sterne Ave. The doors will be open and you are invited to see this lovely family home during the Brampton Ontario open house Sunday March 24, 2013 at 11 Sterne Avenue, from 2 Til 4:00 p. m. This… more
March 20th Is The Day Of Happiness
share
March 20th Is The Day Of Happiness 193 United Nations members adopted a resolution to declare March 20th as the International Day of Happiness to inspire a happier world. It would be nice if every day was an international day of happiness. It could… more
First Target Opens In Brampton Ontario Today
share
First Target Store Opens In Brampton, Ontario Today Brampton, Ontario will be sporting more red and white than just on our Canadian flag starting today! Tuesday March 19th, 2013 marks the first Target store opening at the Shoppers' World Plaza in… more