Kevin Slemko of Midtown Appraisal Group FAQs

Appraisals: The 5 questions we’re asked most often

For many years, as a practicing appraiser, I didn't have a huge amount of contact with homeowners or residents. A financial institution would call with an appraisal request, I'd make arrangements with the real estate agent to pick up the keys or access the lockbox, and do the inspection when the owners or residents were at work. It was left to the real estate agent or mortgage provider to explain the appraisal process to their clients. But these days, more…...
Read More
how are appraisals created

What goes into an appraised value?

It's not just a comparison to the house next door. It happens to every appraiser, often once a week: Someone involved in the property buying and selling process says something like "Yeah, this appraisal won't be that hard. The house across the street sold a month ago and it's pretty much the same layout, so we expect the value of our property to be about that price - well, a bit more probably, since prices are going up so fast!"…...
Read More
Kevin Slemko AACI of Midtown Appraisal Group
,

5 other reasons to get a professional real estate appraisal

(Outside of a sale or purchase) Anyone who's ever bought a piece of property - especially a residential home - involving a mortgage is probably familiar with the appraisal requirement: Very few banks or mortgage financing companies will lend money for home purchase without ensuring that a professional appraisal has been done. They need to know that their investment is reasonable and protected. However, there are several other situations in which appraisals make sense - and can spare you from…...
Read More
Process of home appraisals by Midtown Appraisal Group

Home appraisals step by step

No one loves them, but they're not that bad Whether you're a homeowner looking to refinance your mortgage, a home buyer with your heart set on the dream home you finally found, or a home seller hoping that the conditional offer you got will finally firm up: Sooner or later there'll be a need for a home appraisal, and you'll spend at least a little time worried about the process. But you shouldn't worry so much. Appraisers aren't going to…...
Read More
myths about appraisals
,

The big appraisal myths, debunked

This infographic (below) from The Appraisal Institute has been around for a couple of years now, but I came across it again recently and I think it's still worth a look, especially if you're new to the appraisal process. (NOTE: The infographic refers to federal legislation in the US, and some of those laws may not be applicable in Canada, or in the Canadian province in which you live. If you're in any doubt about what information applies to you,…...
Read More
Kevin Slemko AACI on the problem of overimprovement

“But that bathroom cost me $27,000!”

When valuations don't reflect the money the homeowner spent I hadn't been an AACI for very long when it happened: I was doing an inspection of a pretty standard, older 3-bedroom bungalow outside of Hamilton, and the homeowner insisted I see the master bathroom first. "You have to see this!" he said, leading me toward the back of the house. When I got to the bathroom door, I guess my face didn't register the amazement he expected, because he started…...
Read More
Kevin Slemko of Hamilton's Midtown Appraisal Group on how properties are valued
,

Appraisal explanations: Lists are not enough

How appraisers look at the components of a property, Part 1 If you've recently bought or sold a home that involved a mortgage or loan, chances are an appraiser has been involved at some point to confirm the property's value. And if you asked your agent or mortgage broker what an appraiser looks at, they probably gave you a list of factors: Location, size, condition, comparable sales, etc. That's correct, as far as it goes. But a list like that…...
Read More
Kevin Slemko AACI appraiser
,

Appraisal delays driving you bonkers?

There are a bunch of reasons why they're happening. If you've been involved in the sale of a residential property in Ontario in the past 3 years - whether as a vendor, purchaser, real estate agent, mortgage broker or lawyer - you know that residential appraisals seem to take longer than they used to. Unfortunately, the current extended timelines for residential appraisals are a result of several different factors, not all of which are easily solved. However, the more you…...
Read More
Kevin Slemko offers tips on remote appraisals

Remote appraisals: How to prepare

Virtual home inspections are safer (and sometimes easier). While coronavirus and the accompanying lockdowns have meant that most of us haven't been inside another person's home for weeks now, the truth is that homes are still being bought and sold and refinanced - and that means that there's still a (surprisingly healthy) demand for home appraisals. So what do you do? Video calls are a good first step While some appraisers and financial services companies allow homeowners to provide their…...
Read More
Midtown Appraisal Group on the current real estate market

House prices in Ontario: Do your research

It's not unusual to be thinking about moving. Whether you've been working from home, are an essential worker, or have been furloughed, you - like most Canadians - have probably been spending a lot more time at home than usual in the past few weeks. And it's funny how spending so much time looking at the same four walls gets you thinking about what it'd be like to move. Depending on who you talk to, now is either a 'great'…...
Read More