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An appraiser evaluates and objectively identifies and provides an estimated value for various types of property. Appraisers fall under several categories of appraisal types such as personal property, real property, commercial property, appraisal review and management, and business valuation.

An inspection of your property is required to verify size, location, number of rooms, built-in, quality of construction, measurements, deficiencies, site improvements, outbuildings and views. Following the inspection, the appraiser leverages market data by researching and analyzing to determine a final estimation of value and provide you with an Appraisal report.

An appraisal generally takes 10-30min. However, this can be longer depending on the property being evaluated. Appraisals for a large executive level homes and or commercial buildings can take up to 60min.

For a typical appraisal, the appraiser does an inspection of the site and buildings, observing characteristics such as location, view, site size, utility & topography, home size, room count, age, condition (physical & functional), quality & design of construction & finishes. Photographs are taken of both the interior & exterior. To confirm home size, the appraiser will take measurements, or in some cases review building plans.

An appraisal report is a document that:

• Clearly identifies the value of a property for various purposes – such as fair market (used for taxes), replacement (used for insurance coverage), liquidation (used for bankruptcy or business dissolution), etc.
• Provides a description of the property being valued.
• Details the approach and procedures followed to come to a final value; these can include:
  • Analysis of comparable sales in the area
  • Estimation and analysis of income (if applicable) and
  • Relation of the appraisal values to a specific point in time (e.g. fair market value of the real estate as of August 2nd, 2018).
• Includes the signature of the appraiser responsible for validity and objectivity.
• Specifies the personal qualifications of the appraiser

Once the inspection is complete, turnaround time for a finished appraisal report is typically within 5 business days or sooner if required. Time can vary depending on several factors, including the complexity of the report, the volume of reports appraisers in the firm are working on at the time, etc. Orders are usually done on a first come, first serve basis, however, priority can be given to urgent orders, such as purchase financing appraisals with quickly approaching subject removal dates, etc.

Appraisers generally use two to three valuation methods to determine the value of a property.

• Direct Comparison Approach: a value is derived by analyzing comparable properties in your specific area that have sold within a given time frame and adjustments are made for the differences.
• Cost Approach: a value is derived by using the cost to replace the land, plus the value to replace the improvements, minus any depreciation for the age of the dwelling.
• Income Approach: a value is based on the projected income from a rental property.

TrueFind Appraisers have been vetted and are highly qualified with many appraisals already delivered. All of our appraisers are members of The Appraisal Institute of Canada (CRA or ACCI certified) or CNAREA. Not only have TrueFind appraiser been properly trained and must adhere to a set of quality assurance guidelines, but they are also led by Maureen Matthews who has more than 25 years of experience and a member of the Appraisal Institute of Canada and the CNAREA. In addition, our Appraisers must abide by a strict industry code of ethics and comply with national standards of practice for Real Estate Appraisal – the rules for developing an Appraisal and reporting its results are insured by enforcement of the Canadian Uniform Standards of Professional Appraisal Practice (USPAP).

You can be very helpful in speeding up the inspection by ensuring the Appraiser has easy access to all areas of your home, i.e. the exterior (trim any bushes and move any items that would make it difficult to measure the structure) and the interior (make sure the Appraiser can easily access items like furnaces and water heaters).
Furthermore, the following items can help the Appraiser provide an accurate evaluation much quicker if available.

• A survey of the house and property
• A recent tax bill (i.e. MPAC Assessment)
• A list of personal property to be sold with the house (if applicable)
• A copy of the original plans
• List of any improvements you have completed to the home (i.e. updated kitchen, new furnace, etc.)
• List outlining any rents, utility expenses, etc. (rental property only)