Phone: 416 602 7514
Fax: 416 619 0668
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Why would you need a Property Appraisal?
Variety of valuations for purposes which include the following:
- Mortgage Financing
- Equity Takeout
- Acquisition / Sale of Properties
- Partial Takings
- Power of Sale
- Rental Surveys
- Assessment Appeals
- Capital Gains
- Estate Planning
- Expropriations
- GST Valuation
- Insurance Valuations
- Litigation Support
- Subdivision of Land
- Employment Relocation
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Residential Commercial Property Appraisal, value assessment
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WHAT IS AN APPRAISAL? What's my house / commercial property worth?
A real estate appraisal is an independent, impartial written report based on selective market research and using various accepted assessment techniques. Appraisals are performed by trained appraisers and with sufficient experience to develop a realistic opinion of market value and to provide an indication of the durability of the value of the property being appraised. The property being appraised is referred to as the subject property.
It is important to note that an appraisal is done for a specific client. In the majority of cases, the client is the lender. Appraisals are not usually transferable from one lender to another since different lenders have different criteria regarding property values and which appraisers they will accept appraisal reports from. Many lenders have a list of approved appraisers that they will accept appraisals from
that particular appraiser. If the appraisal is not accepted, the client may have to pay for a new appraisal from an appraisal company that is on the approved list for that lender.
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Before initiating an appraisal, the following should be determined:
- reason for the appraisal
- value to be estimated, and how it is to be expressed
- ownership interests to be valued
- appropriate date of valuation, assessment
Because real estate is the major security for mortgages, it is important that the market value estimate be as accurate as possible. Besides estimating fair market value, an appraisal can provide other valuable information, such as:
- influences that create abnormal risk
- current market trends
- past market history for the subject property
- marketing or exposure time on the market
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TYPES OF APPRAISALS:
- Sales Data Report
The Sales Data Report is a value estimate based on MLS sales and listing data. There is no physical inspection performed of the property. This report is designed for quick price assessment for good quality real estate in low-risk neighbourhoods.
- Limited Restricted Appraisals
The Limited-Restricted Appraisal is often referred to as a drive-by appraisal. It is an exterior examination only and used for mixed-use neighbourhoods and for higher risk transactions.
- Full Review Appraisals
The Full Review (also known as a full internal appraisal) requires a detailed inspection of both the interior and exterior of the subject property, as well as details of the neighbourhood. This review provides the most detail and is intended to not only establish value but also to point out any possible adverse influences. Due to the level of detail, full reviews are more colstly. Used for:
- high-risk areas with poor marketability due to age, mixed use, and/or lack of amenities
- non-sales transactions, like refinances, equity take-outs, and renovation loans
- sales where vendor incentives are offered
- private sales or transactions that are not listed on an MLS system
- high loan-to-value mortgages where the risk exposure is greater
APPROACHES FOR CONDUCTING APPRAISALS:
- Direct Comparison Aproach
- Cost Approach
- Income Method
AUTOMATED VALUATION MODELS:
Automated valuation models (AVM) are computer programs that provide real estate market analysis, estimates of value and assessment. An AVM compares the subject property to the real estate - propertyand sales data within database to produce an estimated value. Real Estate automated Valuation Systems are used as a part of more complex risk assessment tools often used by lender underwriters, mortgage insurers, real estate professionals and municipal, provincial governments. Commonly known AVM:
- Teranet - Real Estate AVS
- Municipal Property Assessment Corp. (MPAC) - AVM
- Landcor - Property Valuator
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property appraisal Service
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Residential Commercial Property Appraisal Services in Toronto Ontario Canada
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Building appraiser, property appraisals, value assessment services in Toronto, Ontario, Canada
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FSCO Financial Services Commission of Ontario / regulates Ontario Mortgage Brokers
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CAAMP Canadian Association of Accredited Mortgage Professionals / Mortgage Brokers
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IMBA Independent Mortgage Brokers of Ontario
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| * www.theswissmortgage.com Toronto * 5650 Yonge Street # 1500, Toronto, Ontario, M2M 4G3, Canada 1-877-438-6870 Mortgage Brokers * 2004-2006, First Swiss Financial Group Corp. All Rights Reserved. * |
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