Posted by: MonsterMortgage.ca
An April 2012 article in the Financial Post describes a scenario that many Canadians are encountering in today’s Mortgage & Real Estate market – the appraised value of the homes they’re bidding on are coming in at values much lower than the asking price of the home.
Such a scenario presents an interesting predicament for Canadians – Principal Broker Vince Gaetano puts it this way, “People are having to come up with more [cash] and, if they can’t, they better come up with an alternative means of financing.” Which often leads to another interesting decision – should you pass on this home or do what it takes to land this home?
The article is featured here if you’re interested in the factors at play with low appraisal values in today’s market.
If you’ve experienced this type of scenario with appraisals, certainly feel free to leave a comment below.