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 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?
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Al 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
