Any professional in their field can become so used to their daily tasks that it is not uncommon to forget how extraordinary their services are to the customer. The appraisal process is no different! When scheduling or inspecting a home I am still meeting owners that mention they have never had an appraisal completed before. Sometimes they are ordered in the background by the lender for a purchase and it is the seller or real estate agent who the inspection is scheduled with and the buyer is not made aware of it, or other times a lender has other processes in place when providing the loan. This blog is to provide you with a quick overview of what you can inspect during the appraisal process.
An inquiry or request through www.preciseappraising.com commences the beginning of an appraisal. The file is quickly assigned to an appraiser who starts background research into the subject site to understand the depth of the assignment while also confirming other details that include who is on title, site size, dwelling type and neighbourhood/site influences. From there we establish with the client what the purpose of the appraisal is (also referred to as the Authorized Use) and who is going to be relying upon it (the Authorized User). The report type is then established to best suit the client’s needs.
From there the appraisal inspection is scheduled with the occupant and carried out. For a full inspection the appraiser inspects each room of the dwelling noting all physical characteristics and any exterior site improvements or outbuildings. The quality and condition of all finishes, deficiencies or required repairs and recent updates are recorded and the living space is measured. An exterior inspection is also carried out and this is where most of the measuring takes place for the dwelling size. Photographs of each room are taken, along with the mechanical systems and electrical panel. We always say that the house can look like it is lived in and doesn’t need to show like a home listed for sale, but the saying goes “a picture is
worth a thousand words.” Depending on the size and style of the dwelling, the full inspection typically takes anywhere from 20 – 60 minutes.
Once the inspection is complete the data collected is analyzed and entered into the report. The appraiser is always following the dynamics of the local real estate market, studying the market trends and other market influences such as the interest rates, demographics or new policies being implemented by the government at all levels. Cost manuals, comparative sales, leases and capitalization rates are just a few of the focuses considered by the appraiser. Quantitative and qualitative adjustments are made to the sales evidence and the range provided is reconciled into a reliable final estimate of market value. The final product is an independent and unbiased opinion of value by a qualified appraisal professional. The
report is then sent to the Authorized user.
Fill out a request using our appraisal form: https://preciseappraising.com/order/
or give us a call at 519-580-7732
We look forward to helping you with your property appraisal!
