Frequently Asked Questions
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It is an estimation of market value placed on a propery at a moment in time by a qualified and professional appraiser.
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The frequency of real estate appraisals depends on individual circumstances, but they are commonly conducted when buying, selling, refinancing, or for estate planning purposes.
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Yes, there are various types of real estate appraisals, including full narrative appraisals, abbreviated narrative appraisals, form reports, drive-by or exterior only appraisals and desktop appraisals. Each appraisal report type serves a different purpose and provides a level of detail appropriate to the client’s requirements.
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Appraisers use a combination of valuation methods, including the Direct Comparable Approach, the Income Approach and the Cost approach. The methods are selected based on the type, characteristics and economic factors.
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Look for a licensed appraiser with experience in appraising properties similar to yours and in the area of your property. Ensure that the appraiser adheres to professional standards and ethics. At HG, the appraisers are accredited through the Appraisal Institute of Canada and/or are candidates with the institute.
The Basics
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Depending on the complexity of your request, an appraisal in residential could take 48 hours, while a complex commercial and agricultural appraisal could take several weeks. Contact us to find out more.
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The time it takes to complete a real estate appraisal can vary depending on factors such as property type and complexity. Residential appraisals for conventional lending are more typically undertaken on a form report and typically take a few days to up to a week to complete following inspection. Commercial and agricultural reports, as well as reports required for more litigious situations, often require narrative reports, which take between two and three weeks following inspections.
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Factors such as location, size, condition, age, amenities, comparable sales, market trends and economic conditions can influence the value of a property.
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If you disagree with the appraisal value, you can request a copy of the appraisal from the person/company that originally ordered the appraisal. Review it for accuracy. If there are factual errors or overlooked information, you can provide feedback to the appraiser. If there is information that you believe is relevant that we have not considered, such as other recent sales, you can also provide feedback to the appraiser.
The Process
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Yes. You can enhance your property’s appeal by ensuring it is well maintained and free of clutter. Providing the appraiser with any relevant documentation on recent improvements or renovations can also be helpful, as can background information such as surveys and tax documents are also helpful.
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While it’s not always necessary for the homeowner to be present during the appraisal, it can be beneficial to answer any questions the appraiser may have about the property.
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The appraisal will inspect the property, take measurements, photographs and gather relevant data to determine its value. We will walk through the property on a room to room basis, taking pictures and notes on finishes of the interior and exterior of the property. We will take note of improvements to the property. In addition, the appraiser will record information about the neighbourhood and any external influences.
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Your appraiser is selected based on the property type, location and the availabilities of the apprai.er. It is critical that the appraiser does not have a conflict of interest that would affect valuations.
What can I do?
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Financial institutions and/or their agents request appraisals directly from HG Appraisers. The appraisal is part of the cost and process of receiving financing. Sometimes the cost is passed through to the homeowner. Often, in these situations, the homeowner does not receive a copy directly.
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Appraisal reports are provided to the Authorized User on the appraisal report, and may not be the homeowner. At HG Appraisers, we abide by and follow strict rules about the transmittal of information.
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Appraisals represent the value of a property at a specific moment in time. Financial institutions and other users prefer reports that reflect existing market dynamics. A loose rule of thumb is that appraisals have a useful life of approximately three months, after which a new estimation of market value is required. More drastic changes in market dynamics can render a report out of date earlier.
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By the time the draft of your appraisal or your appraisal is ready , the appraiser has already put the hours of work and analysis in. You are paying for the service that has been provided.
The Report
Have a question we didn’t answer here? Contact us and we will be happy to assist you.