What Is My Home Worth in Langley, White Rock and Surrey?

What Is My Home Worth in Langley, White Rock and Surrey

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November 9, 2010, by Andrew Szalontai in Tips for Sellers

You can easily find out the value of your home by contacting one of several people. But which person you end up calling will depend on what you need to know the value for. You see, each situation can require a different response.

For those who are refinancing, your lender will take care of the value by sending out an appraiser. They will use comps of your neighborhood to determine what it is worth to determine whether there is sufficient equity to complete the loan. Unfortunately, with the downturn of the recent housing market, there is a good chance there is at least one foreclosure in your neighborhood. If this is the case, and if it is a comparable home to yours, then the sale has to be used to equate the value. This would bring the value down more than if it were a regular seller and not a bank.

With a refinance, sometimes the value can be slightly inflated to give the lender enough room for the deal. This has not been as prevalent in the past few years, but some refinances still inflate the numbers a little for their benefit.

If you are about to lose the home and you don't have much time then there are several ways to go about this. An investor will pay you a reduced price, if he feels that he can get it for a low enough price and still have room to resell it for a profit. If you have to sell quickly and have some equity there are plenty of investors out there that would be glad to take it off your hands. The other option is to greatly reduce the home and sell it yourself, just to get out from under it.

But if you are a typicalLangley, White Rock and Surrey seller, not under distress, and looking for a fair market value you can accomplish this by using either an appraiser or a real estate professional. An appraiser will use the same comparables as a real estate agent, but will charge you for their time. A real estate agent cannot give you an actual value, but they can give you a market value based on what it should sell for taking into account what has already sold.

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