Home > Home Buyers > Are You a Real Estate Looker

Are your home shopping expectations realistic?

There is no such thing as a perfect house. If you are pre-qualified and have been looking for a home for a long time, there will be one of four reasons you haven't found your dream home.


Edmonton Home Buyers Image



You can't afford the homes you like.


Either stop looking until you save enough money to purchase your dream home or be realistic what you can afford. Your first home does not to be the forever home. Purchasing your first property is the first step to getting your dream home by building equity. However if you have found a few homes, which would only need a few touch-ups like a new kitchen, talk with your mortgage broker to see if it is possible to add a renovation loan into your mortgage.


Chosen the wrong real estate agent to help you.


The majority of Real Estate Agents in Edmonton and the surrounding area have access to the same MLS Data, but if there hasn't been anything which has caught your attention, you can either fire your agent and find one who will work harder for you, which may include knocking on doors in a specific area or making community phone calls to find you a suitable property. Or maybe you are just too picky.


No motivation.


There are many people who prefer to rent. Every month, they pay for someone else's mortgage, helping the homeowner build equity. Or you have signed a long lease and are not in a position to buy. Or you may have a reason for not purchasing yet. If this is the case, stop looking until you are really ready. Every time you view a home, the seller must vacate the premises which means more cleaning and making arrangement to remove children and pets.


You are TOO cheap.


What the asking price of a home is, is irrelevant to the purchase price. For example: if two identical homes are listed at $400,000 and the other at $375,000 and you are still "Low Balling" the less expensive one, you will never get a good price. A good real estate agent will complete a buyers CMA for you, which will indicate a fair value market price and if it is below, you've already made money.


BEST REAL ESTATE TIP: No matter what type of market we are in, the longer you postpone your purchase, the more money you will lose. Eventually, house prices will go back up in Edmonton, but so will interest rates!

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Home > Home Buyers > How REALTORS® help Edmonton home buyers

How real estate agents help Edmonton home buyers

There are several reasons why buyers prefer to work with real estate agents when buying a home, even when a buyer has sold their existing home via "For Sale by Owner". The few of these reasons include knowledge of the ever-changing markets, expertise in both negotiations and communities, experience and exclusive real estate tools.


How Realtors help when buying Edmonton Homes Image


A large portion of Canadian Real Estate Agents has earned their ABR (Accredited Buyers Representation) designation, which means, these REALTORS® have completed the education needed to service buyers with a higher standard. REALTORS® who are representing buyers expect to get paid for their services at some point in time. It is usually within a few weeks of the buyer taking possession of their new home. In the province of Alberta and to ensure real estate agents' are compensated for their services, a mandated agreement by RECA (Real Estate Council of Alberta) will need to be signed. It explains how much, the term of the agreement, what services will be provided and other relevant information.


If you have questions - ASK. Never sign anything you do not fully understand. Real Estate Agents deal with forms on a daily basis, and most of us can explain listing and purchase agreements without even looking at them. A good REALTOR® should have gone through each agreement and address questions or concerns you may have had. Near the bottom of both the Buyers Agreement and Sellers Agreement, there is an acknowledgement clause prior to signature placement. In an Exclusive Buyer Representative Agreement, it states...


  • 14.1 You acknowledge that:
  • (a) you have read this agreement.
  • (b) you have received and read the Guide.
  • (c) this agreement creates a sole agency relationship with us, as the Guide describes.
  • (d) you had the opportunity to get independent advice from a lawyer before signing this agreement.
  • (e) this agreement accurately sets out what we and you agree to.

Which means you can obtain legal prior to signing or you may want to take the agreement home to read over more thoroughly. These agreements are not rocket science, but knowing what you are signing is important.


  • REAL ESTATE TIP#1: "The Guide" is referring to the Consumer Relation Guide which explains how the professional relationship including fiduciary duties and the real estate agency will interact with each other.
  • REAL ESTATE TIP#2: Buyers Real Estate Agents, normally do not charge an extra fee above what is offered by a seller, unless otherwise agreed in writing.

Have a real estate question? We are here to help. Contact us anytime

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Home > Home Buyers  > How to write an offer to purchase

How to Write a Real Estate Offer the Right Way!

As a buyer, when writing an offer on a property, you want to be able to pay the least possible amount for your

home. Sometimes buyers will offer 5-10% off of an asking price for no reason other than they were told to by a "friend" This is so silly! You may want to offer more, you may want to offer less. The only way to make a reasonable offer is to do your homework.


REAL ESTATE TIP #1 - What the seller paid for their home is irrelevant.

REAL ESTATE TIP #2 - What the seller is asking for their home is also irrelevant.


How to Write the Right Offer on an Edmonton Home Image


Knowing why a seller is selling is always helpful when you make an offer, but this information is protected by the sellers real estate unless it is allowed in writing to be disclosed. However knowing the reason for selling is still irrelevant on the true market value of the home, as is the asking price. There are several things to take into consideration, prior to making an offer on any home.


Market Conditions: 


Is it a buyers market or a seller's market? Knowing what type of real estate market you are in will help you choose an initial offer price. Completing a community Absorption Rate is the easiest way to know.


Possession Date: 


Edmonton Real Estate Agents have access to this information and as a rule of thumb, the quicker, the possession date, the more motivated the seller is. Most homeowners in Edmonton have a 30-day negotiable possession date. If a longer possession date or a set date is asked for, this is an indication which the seller needs a specific date and can be more important than price. Keep in mind, if the property is tenant occupied, tenants do have a 90-day tenant-right. Normally, homeowners with tenant occupied properties or vacant property are more motivated.


History:


Your REALTOR® will know the history of this home. How long the sellers have owned the property, how long they have been trying to sell it and if there have been any price adjustments. Your real estate agent is also required to pull the title of the property which will indicate any recent financial debts including the current mortgage to ensure there will be enough funds to close on possession date.


Condition and Size:


Size is a factor of price more in places like China than Edmonton. The value of a home is in the condition. You may want to go back into the home to take a better look at the overall condition. Is the flooring laminate or hardwood? Are the faucets Walmart or Moen? Has the yard been meticulously maintained properly or neglected? Will you be replacing any fixtures, chattels, windows, shingles in the near future? Look at the property through the eyes of your experienced real estate agent. They will notice things you don't.


Complete a Buyers CMA: 


Examine all recent comparable sales. Only use recent properties that are similar in configuration, age, and location to the home you want to buy. Your REALTOR® can complete a buyer's comparative market analysis (CMA) for you.


REAL ESTATE TIP #3 -If the property has been staged, don't be fooled by how pretty it looks. Staging a home does not increase property values.


Read more about purchasing a home in Edmonton with our simple 5 step process

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Home > Home Buyers > Questions to ask a Buyers Agent

Questions to Ask a Buyers Real Estate Agent

Below is a great question list for all Edmonton new home buyers. Purchasing a home is one of the largest investments you will make in your lifetime. Choose your REALTOR carefully. Don't be afraid to ask questions.




What type of properties do you mostly sell?


Purchasing a single-family detached house is different than buying a condominium, new builds or luxury properties. It is important that the Edmonton Real Estate Agent you choose has in-depth knowledge of the type of property you are planning on purchasing.


What is your negotiation style and experience in multiple offer situations?


Even in a buyers market, you may be in a multiple offer situation and great negotiating agents have personalized techniques for winning bidding wars. Some agents can be too aggressive and will lose due to their unlikeability, other agents can be too passive. Choose a real estate agent who is creative and on your side.


How many homes did you sell last year?


This is a very important question. The average real estate agent in Edmonton sells about 8 properties a year. Some agents will sell over 100 properties per year. If you want a REALTOR® who will spend time with you, is knowledgeable and experience, choosing a real estate agent who sells 25-50 homes a year is your best bet.


Do you have other professionals you work with on a regular basis?


Again, another very important question. Agents have relationships with other real estate providers and depending on how this question is answered, it will give you an insight on how long they have been in real estate, but more importantly on how they conduct their business.


Are you a full-time real estate agent?


Not all Real Estate Agents are full-time REALTORS®. You don’t want someone doing this part-time or as a hobby. Looking at properties for fun is not the same as having fun when looking at homes. When viewing homes, great Edmonton real estate agents will point out the flaws of each home and they all have them, not commenting on how pretty the bedroom is set up. All REMAX Realtors® are full-time agents.


Do you normally work in my price range?


Most Edmonton real estate agents work a wide range of prices, but if they usually help home buyers purchase million-dollar homes, you might not be a top priority. Similarly, if you want to purchase new build homes and they normally work on older properties, the agent may not have the right connections for Edmonton home builders.


Will I be required to sign a buyers brokerage agreement


If any Edmonton Real Estate Agents answers "No", find another REALTOR®. The Canadian Real Estate of Alberta has mandated to work with all residential buyers under an agreement. There are 2 types of agreements - Exclusive & Non-Exclusive.


Do I have to work with your recommended service providers?


If the agents say “yes”, it’s illegal. Find another REALTOR®. Good real estate agents in Edmonton should have solid recommendations for other service providers, but you should never feel pressured to use their recommendation. A good agent doesn’t do everything on their own. They have a team of other professionals including mortgage brokers, home inspector, contractors, Conveyancers, real estate lawyers, etc.


Can I review all documents before I sign them?


A good real estate agent will take the time to explain the documents and provide you with ample time to review important documents. Never feel pressured into signing. Real Estate Contracts are a binding agreement and it is important you understand them thoroughly prior to signing.


Do you use e-signature or DocuSign?


An e-signature is an electronic signature and gives you an indication of how internet-savvy the real estate agent is. the electronic signature also eliminates the need to print, fax, scan, and ship documents and are time documented. During this conversation, your agent will also mention auto-prospecting, which is a system to keep you updated the moment a new home which meets your criteria arrives on the Edmonton or surrounding area market.


How long have you been a licensed real estate agent?


This question is one that cannot be missed. Experience in the real estate industry is important. The longer a real estate agent has been selling real estate, the more transactions they have likely completed.


Do you attend the inspections?


Again - a very important question. (especially with new homes). When a concern arises during your home inspection, your agent will be there, as a professional working in your best interest, to ask the inspector the right questions to help you make an informed decision about the property.

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Home > Home Buyers > Buyer Brokerage Agreements

Understanding Buyers Brokerage Agreements

Buyer Brokerage Agreements have been around for several years, and only recently has been mandated for real estate agents to have buyers under the agreement when working in a "client status". This legal change created security for both consumers and real estates in Edmonton and throughout Alberta. This form states the responsibilities of both the buyer and their real estate agent including:


Buyer Brokerage Agreement Contracts Image


  • The mandated Fiduciary Duties, to protect interests of the buyer
  • The buyer cannot hire more than one broker or real estate agent to represent them
  • The term of the agreement. Depending on the real estate market and how long the real estate agent chooses to work with a buyer, this agreement is normally 30 Days to 1 year and allows enough time for the buyer to purchase a home. If the buyer has not purchased a home during the time frame, they may extend the agreement or sign with another agent.
  • The retainer fee (normally $1000 - $2500) which is held in trust by the real estate agent/broker and forms part of the buyers down payment.
  • Remuneration is stated in the agreement and can not be changed without written consent from all parties. This protects the agents' commissions and allows the buyer to know how much the REALTOR receives for their services. (usually paid for by the sellers real estate agent)
  • While under the agreement, If the buyer elects to purchase a property without the help of their real estate agent, they will owe the agency the commission set out as per their Buyers Brokerage Agreement.
  • This agreement also lays out the obligations and duties of the real estate agent ensuring the agency is working in the buyers best interest. Some of these obligations may include
  • Showing you all properties you may be interested in as soon as possible
  • The duration of the agreement
  • Advertising for properties which meet your search criteria
  • Pulling land titles to ensure closing capacity
  • Setting you up on Auto-prospecting.
  • Fiduciary Duties of the real estate agent
  • Explaining and helping to prepare the offers to purchase
  • Negotiate favourable terms for the buyer
  • Provide a Buyers CMA to ensure you are not overpaying
  • Inform you on all aspects of your offers including any counters
  • Assist you with a chose of mortgage brokers, inspectors, lawyers, etc
  • Any other relevant services you may require

For more information on working under a Buyers Brokerage Agreement, feel free to contact us.

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Home > Home Buyers > Welcome to our Open House

Welcome to our Open House!

When real estate agents host an open house, the ultimate goal is to sell the home. The agent who is hosting the open house is representing the seller, has already spent time and money making the property show its best and anyone who walks through the door needs to understand, the agent will be asking you questions.



If you are only looking for decorating ideas or you are already under a Buyer's Brokerage Agreement, let the hosting real estate agent know as soon as you walk through the door. We have Rules, Regulations and a code of Ethics, whereof, we are not allowed to interfere with another REALTORS® Clients. However, if you are not currently working with a real estate agent, REALTORS® are always looking for new business and will be able to answer questions you may have.


If you are interested in the property under a buyer brokerage agreement with another agent and would like more information on the home, call your current agent. Anything you tell the hosting real estate agent may be disclosed to the sellers and in the event, you write an offer on this property, information can be used against you in negotiations. It is our job to work in the best interest of our clients which would include informing the sellers of all interested parties.


Real Estate Agents are also responsible for ensuring the proper care of the home while showing. If you have children, please hold their hands and don't be offended if the REALTOR® is following you everywhere.


If you are just starting your new home search and would like a list of upcoming open houses in Edmonton or need a real estate buyer representative to help you through the process (for free), contact us. If you are like most home buyers today and want to do more research on buying a home in Edmonton, be sure to check out our blogs on "Buying Houses in Edmonton".


Also, see "HOW TO HOLD A PRODUCTIVE OPEN HOUSE" 

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Home > Home Buyers > 5 steps to home buying

Steps to Home Buying

The first step to buying a home is deciding if you are ready to become a homeowner and start building equity for your future. There is a lot to know when it comes to buying a home in Edmonton. Whether you are buying your first condo, moving to a bigger house or downsizing, our in-depth 5 step home buyers Guide will take you through all the steps.


  • First: Get pre-qualified for a mortgage and choose a financial lender
  • Second: Choose the best Buyers Agent or Edmonton
  • Third: House hunt like a real estate professional online and in-person
  • Submit an offer with confidence by understanding Alberta Real Estate contracts
  • Fifth: Be prepared for other costs associated with buying a home in Alberta


STEP 1: Financing - Pre-approval and choosing a financial lender


Not all financial institutions are the same. If you choose to use a who works at your personal branch, keep in mind, most persons who work in a bank get paid by the hour, unlike a mobile mortgage specialist who only gets paid when they have completed, processed and get your mortgage application approved. For a list of mortgage brokers, contact us.


The first step to buying a house or condo in Edmonton is finding out how much your bank is willing to lend you based on the lenders' rules. Keep in mind with the change of Canada's new mortgage qualifying rules. You must qualify at two per cent higher than what your current interest rate will be.


Your lender will look at your income, your debts, your down payment and your credit rating. Having a verbal or online pre-approval is a waste of time and is not a real pre-approval. Your lender/Mortgage Broker will ask for a list of items to be provided including a recent bank statement, pay stubs, job letter, last 2 years of T4's for a true pre-approval.


A mortgage pre-approval will be in writing which is normally valid for 90 or 120 days. Pre-approvals will also include an interest rate guarantee - get this in writing from your lender to ensure you have documentation in the event interest rates rise prior to purchasing your new Edmonton home.


LEARN MORE ABOUT MORTGAGES

Our Edmonton Real Estate Agent Team is here to help you. We have several mortgage brokers we deal, feel free to reach out and ask us for a list of mortgage specialists.


STEP 2: Choosing the Right Buyers Agent


If you are like most people, you want to find a Realtor who is a good fit. Both real estate agents and Realtors have had to undergo a certain amount of training in order to qualify to help you buy or sell real estate. However, in Canada, in order to be considered a Realtor, a real estate professional must be a member of the Canadian Real Estate Association (CREA). There are several Realtors in Edmonton who choose not to work with buyers, while others choose to work solely with buyers. These Realtors are known as Buyer Agents.


There are several ways to find a buyers agent who will be a good fit. Most Realtors in Edmonton have their own websites. Some of these websites are very generic, while others provide personalized extensive real estate information. Some Realtors will also specialize in a specific part of Edmonton or have a real estates speciality such as condominiums, luxury homes, relocation moves or acreages. Another great way to find a buyer's agent is to visit open houses. However, if you fall in love with the house, it is in your best interest to seek out a different agent.


Interview a few different Realtors before signing a commitment called a "Buyer Brokerage Agreement". Remember this agent will be helping you make the biggest investment of your life and you should make sure they have your best interests in mind. Below is a list of questions which may help in the interview process when buying.

  • How long have you been a REALTOR?
  • Do you have any other real estate designations?
  • How much commission do you charge?
  • Will you show properties that are at a lesser commission offered?
  • How will you keep me informed on new properties which meet my search criteria?
  • What is your real estate niche or speciality?
  • Do you have a list of references I can contact?
  • How many homes are you willing to show me (If this number is less than ten - move on to another agent)
  • If I cancel my agreement, is there a fee?
  • When are you available to show me homes (Note* Part-time Realtors may not be able to accommodate your schedule)

LEARN MORE ABOUT BUYER BROKERAGE AGREEMENTS


To book an appointment for your personalized Edmonton home buying consultation, contact us.

STEP 3: House Hunting like a Real Estate Professional

Let's face it. You have been house shopping for your home online and have seen a few "bad real estate photos", or a property with no photos or wonder why a particular house has been on the market so long. The reality is, there may be great homes, but the sellers chose the wrong agent to market their home.


When you come across those bad real estate photos, try to look beyond the photographer, the horrific lighting and the messy house with clothes on the floor, pets or worse yet, the seller's children in those photos. If the selling agent has not taken the time to properly market a home, the sellers are not happy and want their home to be sold.


When there is only one exterior photo on a property, read the comment section. Odds are, this home is tenant occupied, or not in show-able condition (Very messy) or the sellers have chosen really ugly paint colors for the walls. These homes are usually fantastically priced properties that need a little TLC and some cleaning. If you are looking for a home in a particular area, learn to calculate the absorption rate to make the best financial purchase and make a great real estate deal.


Don't be fooled by pretty homes. Both a Seller and the Sellers Realtor want as many potential buyers into their home, but don't be fooled by how lovely it looks inside with that sparkling granite counter-top, cutest little girls rooms or awesome man cave. Take a deep look at the finishing. This is the best indicator for how well the home has been built and taken care of. A great buyers agent will point out imperfections they notice.


Don't overlook homes which have been on the market for a while. These properties may have had several price adjustments, especially in Edmonton's real estate market and may now be below or at the proper market value. Take a second look. There may also be other reasons which factor in a long time on the market which can include the property was "tied up" a few times with other offers which have fallen apart on financing or an inspection. Remember, when a pending offer is on a home, it can be conditional for a few weeks at a time. Another reason, a property may be longer on the market could be due to a "lis pendens", probate, civil enforcement or other government enforcement contingencies.


HOW TO CALCULATE THE ABSORPTION RATE IN ANY NEIGHBORHOOD


STEP 4: Submitting the Offer


Normally there are two basic (three when purchasing a condominium or more with rural properties and acreages) conditions or "subject to's" when purchasing a home in Edmonton.


  • Financing: Although you have completed your pre-approval, this does not mean you have been qualified to purchase that dream home. Once an offer has been accepted, your financial institution will need to submit your offer to the underwriter and your credit will be checked again. Do not go out and purchase any major items which would require financing such as a new vehicle during this time frame. If you are obtaining a CHMC Mortgage, the credit check will be done for a minimum of the last seven years.
  • Inspection: Hire a certified residential property inspector with a good reputation and credentials. The cost in Edmonton for a certified residential home inspector usually costs between five to six hundred dollars. No matter what type of home you are buying, including foreclosed properties to new builds. This small fee can save you thousands of future dollars.
  • Condominium Documents (Condo purchases): Always double check you have received all condominium documents and review them. If you do not understand the legality or do not have the time, have your real estate lawyer review them for you. There is a lot of information in the condominium documents and you do not want to be surprised with a $30,000 special assessment when you move in.
  • Rural and Acreage: Septic inspections are beyond the scope of a standard home inspection but when purchasing acreages in Alberta, they are crucial. Other conditions you should add to your rural purchase agreement include satisfactory water well, water flow, water quality tests and pumping equipment inspections


STEP 5: Buyer Beware & Other Closing Costs


Calculating the cost to purchase a home in Edmonton is pretty simple. Calculate your total down payment plus add one and a half per cent of the total purchase price of your home. For example on a $300,000 home, with a five per cent down payment, you will need a total of $19,500. Your financial institution will ask to see this additional amount to ensure you have enough money for closing costs such as lawyer fees, title transfers, mortgage application, and appraisal fees. Additional mortgage fees like CHMC can be added into your mortgage or can be paid upfront.


If you have added certain terms into your purchase agreement, such as "Seller to repair a broken window, steam clean carpets, remove dog faeces from the backyard, etc, you may also want to add an additional clause


"Seller will allow the purchasers to complete a satisfactory walk-through regarding the terms of the property prior to possession"


In Alberta, the transfer of real estate titles is processed a bit different than other provinces and keys do not get released until monies have been received by the Sellers lawyer. In the event and terms were not completed, it is more difficult for remediation this after.


Note* If you are purchasing a foreclosure, keep in mind, that this property is sold "As Is, Where Is".


If you have any other real estate question about purchasing a home in Edmonton or the surrounding area, contact us by email.

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Home > Home Buyers > Are you paying too much

Are You Paying too Much for Your Edmonton Home

Before you offer any seller a price for a property, there are a few facts you should to know. The asking price of a property does not necessarily reflect the "market value" of the home. Below are a few questions you should check into prior to making an offer.



Is the property tax assessment accurate? If not, find out why


For the city of Edmonton, you can find out the tax assessment value of any residential property at https://maps.edmonton.ca/map.aspx. Although the amount the city thinks the property is worth does not necessarily reflect the true value. It is only used as a starting point.


Are real estate prices going up or coming down?


What is the latest real estate trend in that community? To determine if Edmonton community property values are going down or to tell if it is becoming one of Edmonton's hot spots, use the absorption rate tool.


How much was the bank property appraisal?


Financial institutions base their appraisals on the "Emily System", which is an accumulation of recently sold comparable properties. If there are no relevant sold Edmonton properties or if your home is more unique, independent appraisers can do a "cost to replace" appraisal. A good Edmonton real estate agent will complete a "Sold Comparative Market Analysis" (CMA) for you, prior to submitting an offer to purchase.


Is the property staged to avoid any defects?


Don't be fooled by the staging in a property. This is one of the biggest mistakes a buyer can make. When viewing a home, overlooking the nice furniture and freshly painted walls. Take a close look at the overall condition of the property. An easy way to know if a dwelling is shifting is to open and close the windows and doors.


Do you know what a realistic offer should look like?


No matter if you are buying a home in Edmonton in a buyers market or a seller's market. Submitting a realistic offer is important. When a home is priced accordingly to the real estate market, don't try to "low ball" the seller, you will end up paying more because you have insulted them. Do your research.


For more information on submitting real estate offers in Edmonton and find an experienced buyer's agent, contact an Edmonton Remax Agent.

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Home > Home Buyers > How to Hire Buyers Agents

Choose Wisely - Choose REMAX!

It does not matter which company you choose to represent you on the purchase of your new home. A brand new inexperienced REALTOR in Edmonton gets paid the same as a veteran REALTOR with twenty years of experience, expertise and knowledge. This is at no cost to a buyer!


Below is helpful information when purchasing your new home. If you have any question, feel free to contact us! We love to help buyers and sellers! Sign up today to save time house hunting online. We can send it to you automatically.




You can choose to buy a home without a real estate agent, dealing directly with listing agents, or for sale by owners. There are several reasons to work with a licensed Realtor in the province of Alberta including.

  • The representative real estate agent Fiduciary Duties
  • A buyer does not pay commissions. Edmonton Real Estate Agent fees are normally paid for through the sellers' lawyer when under an exclusive Buyers Brokerage Agreement
  • Real estate agents will ensure you are getting fair market value and not overpaying through several REALTOR tools including a "Buyers Comparative Market Analysis"
  • Property Titles are pulled to ensure the legitimacy of owners and to determine if dower is applicable, there are no special assessments, lis pendens, creditors, liens and other concerns which could complicate or delay closings.
  • Address any concerns or issues with your real property report including any setbacks, easements, restrictions, and compliance with the city.
  • Depending on a real estate agent experience and their designations will be a factor in the service you receive which should be outlined in your first meeting. Feel free to ask your real estate agent plenty of questions.
  • Your Realtor can set you up on the auto-prospecting system which will enable you to view new homes within your personal search criteria within an hour of the property hitting the market.
  • Read More on "How to purchase a home"

Make your expectations known: If you expect your real estate agent to pick you up at your front door and drive you home after showing homes, tell them. Many will provide this service. If not, they will ask you to meet at the office. Let your agent know how you want to communicate. Do you prefer phone calls, emails, text messages or all of the above? Remember once you are under a buyers agreement, it is our job to provide you with our best service and help you find your best home

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Home > Home Buyers > Does your property require an appraisal?

Does Your Bank Require an Appraisal?

Appraisals are an important part of buying and selling homes in Edmonton. Real estate appraisals establish a property's sold market value price. Banks and financial institutions require property appraisals when buyers require a mortgage on their new homes as security and provide financial institutions with a cost-effective assurance of the properties value for lending purposes. Appraisals are detailed reports compiled by licensed real estate appraisers.



Don't confuse a comparative market analysis, or CMA, with a real estate appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices.


An appraisal is also not the same thing as a property inspection. Home inspectors test appliances and outlets, check the plumbing and electrical, confirm heating and cooling system are in working order, use inspection tools to look for any moisture issues, missing insulation, etc.. Such information is helpful for the buyer to know before moving in.


If your real estate appraisal comes in low, the bank may not lend you the money you need to satisfy your finance condition. You may need to come up with the difference in cash or re-negotiate the sale price of the property.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.