Oct

2

12 Steps to Getting An Accurate And Useful Appraisal

Filed Under Appraisals | Leave a Comment

Here is a checklist for you when you are looking to get an accurate appraisal.

  1. Provide Your Appraiser: 5 Comparable sales - similar in syle, size and location that have sold within the past 90 days.
  2. Provide your appraiser a printed list of market rents for similar units in similar location (Minimum 2 Sources). Use websites like www.rentboard.ca, www.rentfaster.ca, www.homerent.ca, www.gottarent.com
  3. Provide a current rental/lease agreement in currently rented
  4. Be clear with the appraiser on what type of property it is (ie. single family, 4-plex, mixed use etc.)
  5. Manage Expectations.  Discuss with appraiser how much time they need.  Remember they need to do research, access the property, write the report, and yours isn’t the only one they are doing.
  6. Ensure your Appraiser is on your Lender’s “Approved list” before ordering appraisal
  7. Once you have ordered the appraisal, tell your lender when the appointment has been booked
  8. If you are doing a renovation, provide the total cost, estimated date of completion, and quotes from contractors and suppliers.
  9. If purchasing, ALWAYS include a financing condition and do not remove it until the appraisal is complete and satisfactory to the Lender
  10. Be there in person for the appraisal appointment to walk through the house with the appraiser, present your ‘homework’, point out any updating you have done and answer questions
  11. If you are re-financing, complete a walkthrough of the property prior to the appraisal appointment and give yourself enough time to fix any curb appeal or maintenance items.
  12. Always reques a copy of the Appraisal Report from the lender.

This list originated from Gerhardt Klann, CityLine Appraisals Inc.