Key Steps :
• Schedule an Appraisal : Before making an offer or as part of the due diligence phase after you have signed the offer to purchase , hire an accredited appraiser to assess the property ’ s value .
• Request the Appraisal Report : The appraisal report will include a breakdown of how the appraiser arrived at their valuation , helping you make an informed decision .
• Negotiate Based on the Appraisal : If the appraised value is lower than the asking price , it gives you a strong basis for negotiating a lower price with the seller .
Hiring an independent appraiser is very different to relying on the appraisal that a mortgaging bank does when you get a mortgage .
In this scenario the appraisal is working for the bank and his / her only real mandate is to give the bank comfort that the purchase price is close to market value and that the banks interest will be protected .
This appraisal will unlikely assist you in a negotiating a better deal with the seller .
3 . Hire a Real Estate Agent with Local Expertise
A seasoned real estate agent can provide invaluable insights into whether the asking price is fair .
Not only do they have local knowledge , but they also have access to multiple listing and sales data and may have insights that are not publicly available .
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