myths about appraisals
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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,…...
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Kevin Slemko of Midtown Appraisals
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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…...
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Appraisal value affected by maximalist design
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Design, style and ‘clutter’: Do they affect appraised value?

The answer is...it depends. As an appraiser, I'm often asked some version of this question: "My house is a mess and I just found out they want to send the appraiser tomorrow. Do you think it'll make a huge difference to the appraised value?" And more recently, in the era of minimalism, I also get asked whether a more 'maximalist' approach to interior design will negatively impact value. The standard, professional answer is, of course: "No, it won't affect value.…...
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Kevin Slemko, AACI on mortgage terms

Mortgage term lengths: Do you know your choices?

Appraisers aren't real estate salespeople or mortgage brokers, and definitely shouldn't be offering advice or counsel to the people whose properties they're appraising. However, as we've discussed before, because of our particular role in the process, and because they often end up meeting home buyers and sellers during their inspections, it's not surprising that we're often asked questions about home mortgages. A recent study showed that as much as 50% of Canadians don't really understand mortgage terminology, and aren't able…...
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Overview of the home appraisal process

Appraisals 101: A handy graphic

You don't have to be an expert, but you should know the basics. I know what it's like: Whether you're buying or selling your home, especially in the current overheated market, the last thing you have time (or interest) for is a deep dive into real estate appraisals. At the same time, as a vendor or purchaser of property, especially if it's your first one or it involves the fairly large sums of money typical of real estate in southern…...
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What appraisers bring to the table
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What is the role of the appraiser in home valuations?

Where data, experience and insight meet In previous posts, we've talked about how appraisers use data and comparable sales in order to arrive at a valuation for properties. For residential properties, comparable sales tend to offer a good starting point: If four similar properties on the street have sold in the past few months, they provide a good indication of what your home is worth. But sometimes, you'll see two homes in the same neighbourhood that seem, on the surface,…...
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FAQs for appraisals for real estate
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Appraisals 101

What you should know about the appraisal process We know that whether you're a buyer or a seller, the appraisal process - especially for residential or agricultural properties - can be nerve-wracking. Here are answers to some of the questions we get asked most often. Why do I need an appraisal? Contrary to popular belief, appraisals aren't conducted because the bank (or anyone else involved in the transaction) is suspicious or looking for problems. It's simply a way for a…...
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Kevin Slemko AACI appraiser hamilton

How do appraisals work?

Residential appraisals are more straightforward than you think You've sold your house, but your offer is conditional upon an appraisal by the bank. What does this mean? The buyers of your home have applied for a mortgage from a bank, with the house used as collateral. The bank gets an appraisal to ensure that there's enough value in the home to cover the mortgage in the event the buyers default. (Depending on the financial institution, the client and the economic…...
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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…...
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Kevin Slemko AACI appraiser
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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…...
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