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Common Questions and Answers
Most people have questions about appraisers and the appraisal process. I have gathered the most common questions and compiled answers to them.  The questions and answers on this page may help you.  If you have a question that is not covered, below, then please reach out and ask me.  If you have followup questions, I encourage you to contact me.
Select your question below
What is the process?
When we are contacted by someone who wants to know what our fees are, turnaround time and what the overall process is, the first thing we ask is: 

 

 

What is the address of the property?  What is the purpose for the appraisal?  I always reply within a couple of hours.   

Some other common questions regarding the process include: 

Scheduling – how long does it take?   I can usually inspect a property within 2-3 days notice and the inspection typically takes 30-40 min.   

How long until I get the appraisal report?  Worst case scenario about a week from the inspection date however if a request is made to have it sooner I can often accommodate rushes.   

Do I have to be present during the inspection?  No but access to the property is required so as long as someone is there to let me in or if I have access through a lockbox I can proceed with the inspection.  

Any information requires by the appraiser during or before the inspection?  Typical questions the appraisal will have is age of improvements to the property ie.  Age of roof, furnace, windows etc…   if this information is not know then the appraisal will use their best educated estimation.   

Do I have to clean my house before the appraiser attends?  This is a popular question since many people have busy lives and don’t always have time to look after this.  I usually tell them that some clutter is often expected in a home that is lived in.  The appraiser should have easy access to all rooms, furnace and electrical panel.  We are usually looking at the type of finish in the home and overall condition.  Not paying any attention to the dirty socks in the corner!

How much does an appraisal cost?

Typically the fee is established based on how long it will take to complete the entire process.  This is from completing the inspection to completing the necessary research, compiling the data, writing the appraisal report and sending the completed report to you.  Most appraisal fees will be between $650 and $750 + HST.  Mortgage financing appraisals completed for lending institutions and or Mortgage Brokers will be discounted up to $100 because of the volume of appraisals ordered and that these real estate individuals are familiar with the process and as such less time is required in order to complete the entire process.  Unique properties such as waterfront properties, million dollar plus homes, multi-unit apartment buildings, rural properties and or vacant land will often require a higher fee quote due to the complexity of the assignments.  The inspections can take longer as well as the research and writing of the actual appraisal report.  Commercial-type properties will also require an individual fee quote.

How does an appraiser's report differ from a REALTORS® opinion or Current Market Analysis (CMA)
This is also a very common question.  This typically arises when property owners require an evaluation for divorce or just presale purposes.  They will often ask a realtor for their opinion of value.  The REALTOR® will provide a package outlying sales in your area which would be of similar style homes.  This can be beneficial to homeowners but is not a legal document supported by the court system and does not necessarily provide the in-depth analysis provided by the appraiser.   The appraiser will do a full inspection of the property and provide a detailed appraisal report showing the information gathered at the inspection, a detailed analysis of comparable sales and a conclusion outlying the reasoning for the market value provided.   The appraiser is a third party who is unbiased in their opinion of value.  
What about privacy?
The appraiser during the inspection will take photos of the interior and exterior of the home.  This helps in terms of remembering the exact style, condition, quality of the home.  We do understand that there are circumstances that perhaps the owner would not want pictures taken.  We respect and understand that so if a request is made to not take pictures we will honor that request.  Pictures, inspection notes, and the appraisal report are kept on file for several years at which time they are destroyed.  Appraisal reports can often be kept on file longer than that.  All information is kept confidential and at no point shared with anyone other than our client and or whomever they chose.  If a third party request any part of the information we have on file we always follow up with our initial client before doing anything.
How long does the appraisal inspection take and is it the same as a building inspection?
The majority of the time the inspection can be completed within 30-45 min.  Bigger homes will take a little longer and smaller condo apartments can take a little less time.  The appraisal inspection is not the same as a building inspection.  Our inspection is a quick walkthrough of the home where we take down details of the home and take pictures of most rooms.  We will measure the house and do a walk around the perimeter of the house.  The appraiser is not a contractor or engineer.   Anything visible we will make note of such as upgrades and or deficiencies however the appraiser will ask of any known issues and or the age of certain items such as roof cover, furnace, windows etc….  The appraisal inspection is not a substitution for an inspection by a  qualified building inspector.
How long does it take to get the appraisal report?
We can typically schedule an appointment within two days of receiving confirmation to proceed and can often complete an appraisal within two days of seeing the property.  Some assignments can take longer and also depends on the time of year we can get very busy in the spring and summer months which can extend the turnaround times.  For the non-financing assignments such as matrimonial, estate, capital gains etc… we appreciate having a little more time to complete the assignment so as not to rush the process.   A week is often typical for that type of work.  We try to meet whatever deadlines you may have.
Why is the appraisal value different than my tax assessment value?
MPAC assess our properties every four years.  For example Jan 1, 2016 properties were assessed by MPAC in which the next revised assessment will take place in 2020 and so forth.  The assessed value is used by your municipality to calculate property taxes.  There is a phased-in amount which gradually increases or decreases your value over the four years.  As appraisers we are often hired by homeowners to help determine their property value on the assessed date to help them challenge MPAC should they not agree with their last assessment.  
How long is an appraisal good for?
This will depend on how the local market is doing and what will happen in the future.  The future is always uncertain for this reason lending institutions have adopted a policy that for the most part they will not accept appraisals that are older than 6 months and I have often seen where they refuse appraisals that are over 4 months.  The best policy is to follow up with the appraiser after a few months to see if an updated appraisal would be warranted.  The fee is discounted because we usually don’t have to revisit the property if there hasn’t been any changes to it and much of the work has already been completed.  It’s a matter of searching for more recent sales data and inputting it into the appraisal.

Still Have Questions?

Cell:

613-349-6800

Office:

613-728-3991 ext. 263

Email:

jbeauregard@apgottawa.com

Joel Beauregard

Serving Ottawa, Brockville and surrounding areas.