How Long Does a Home Valuation Take In Edmonton?
A real estate evaluation is a fair calculation of a property’s proper market value. Usually, a licensed evaluator conducts this analysis as a state of buyers’ mortgage loan. A home evaluation is a primary step to take while purchasing a house. Within a week, it happens after making a deal on buying a new home and processing the checking. Do you want to know how long a home valuation takes in Edmonton to prepare yourself?
To help you out, I have explained the home assessment briefly and outlined some steps involved in the home assessment process. Read on to learn more!
What is Home Evaluation?
It’s a fundamental part of the home buying process that decides the unbiased market value of an Edmonton house. The process ensures the buyer pays a proper rate for the property. Compared to the detailed home inspection where the inspector looks for every small issue, a real estate evaluator concentrates on the house’s whole value and general state.
The evaluator considers the home’s entire condition and renovation made earlier and conducts a market study into other houses in the locality to measure the ultimate estimated value. It is then collected in an assessment report and conveyed to the mortgage lender.
How Long Does a Home Valuation Take?
Generally, a home valuation takes 2-7 days to complete. The mortgage lender needs to order and book the analysis and collect information about the house to complete the evaluation process. Ultimately, the evaluator must check the data to make the assessment report.
Here’s the timeline of every stage of a home valuation in Edmonton:
1. Booking a Home Walkthrough
The mortgage lender orders an analysis from a licensed expert. The process takes almost 2 days for the third-party evaluator to book a home inspection.
2. Step-by-Step Analysis
The evaluator visits your house and conducts a home inspection. The inspection takes almost twenty minutes to three hours, based on your home’s current state and size.
3. Evaluating Similar Homes in the Area
Next, the evaluator assesses similar homes in the same locality. The process takes 15-20 minutes. It is a quick step if the evaluator uses software to recognize other houses fast.
4. Getting Analysis Report
Collecting the data and making the report takes 2-10 days. It is based on how many other comparable homes the evaluator is assessing. The assessment report for a single-family Edmonton house contains almost 10 pages.
How to Prepare for a Home Valuation in Edmonton
The valuation process can be stressful, but you have some ways to prepare yourself. I have already given some sellers’ and buyers’ checklists on my website. It helps you know what to do before and after the assessment. Considering such information, you can easily go through this process.