Frequently asked questions.
If I order an appraisal for myself, can it be used by my bank or others?
ANSWER: Sometimes
When dealing banks they often require their appraisal be ordered by the bank directly and will not use any appraisal completed otherwise, however, this may not always be the case. It is best to reach out to your bank/lender and get confirmation the report will be accepted prior to ordering if you want the report to be used for lending purposes.
When my bank / mortgage broker orders an appraisal do I get a copy?
ANSWER: Generally no, but there are options.
If we receive an appraisal request from a lender, or anyone for that matter, we are bound by Uniform Standards of Professional Appraisal Practice (USPAP) which prohibits us from sharing our appraisal results (that is the appraisal report), with anyone except the client or intended user regardless who pays for the appraisal, or who is the owner of the property. Essentially, you would have to convince your bank to give you a copy of the report.
If unsuccessful in convincing you lender to provide the report, we can complete a new appraisal with you as our client and intended user.
What is the general cost of an appraisal?
ANSWER: Well, it depends…
Currently, an appraisal competed by our team in any of the cities which are home to one of our four offices (Lethbridge, Calgary, Medicine Hat, or Canmore), cost if ordered direct from us is between $300 - $500. This would be a standard for “Full Appraisal” for lending purposes, which is our primary service provide. As the complexity of the file, location, and/or report type change, the fee will likewise change and in some cases dramatically.
In most cases if you require the appraisal for lending purposes your bank will order the report through an “Appraisal Management Company” (AMC) who will then reach out to the appraisal firm to assign the work. In this case what you pay to the AMC or bank for the appraisal will be different from what we are actually paid for the report as there are generally fees associated with the management of the appraisal work by the AMCs.
Don’t worry we are happy to provide you a quote before we proceed so you know exactly what it will cost and make the best decision for you.
What is the difference between an appraisal by and appraiser, and the often free market evaluations provided by Realtors?
ANSWER: Sorry, no short answer for this one.
A value provided by a realtor is an estimated price based on their knowledge of the local real estate market and comparable sales data, but it MAY not be as accurate or impartial as an appraisal completed by a licensed appraiser. An appraisal is a formal, unbiased evaluation conducted by a licensed appraiser who follows standardized methods and guidelines. It takes into account various factors such as property condition, location, size, recent sales, and is the gold standard for mortgage lending or legal purposes. While a realtor's value can be helpful for setting an initial listing price, an appraisal provides a more comprehensive and reliable estimate of a property's worth.
Still have questions, no problem.
Send us your questions and we would be happy to answer them for you. We are best at appraisal related questions but have many other skills, (nunchuck skills, computer hacking skill…), we will do our best regardless of the topic.