In addition to the above “generally” if you are putting down a 20% deposit the bank won’t do an evaluation especially the main banks. Its more if your using Lenders Mortgage Insurance they will more likely do one.
To save their butts if they do evaluate, the evaluation will generally come back 5 – 8% below market value.
Ask more questions, if you don’t ask you won’t know :-)
Cheers SJ
