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If you’re not familiar with the appraisal process, it can seem very daunting. At FR Jordan, we’re committed to ensuring that our clients are informed about the process, timelines and what to expect to take some of the mystery out of the equation. Here are answers to some of the most common questions we’re asked.
If you’re applying for a mortgage or refinance, your mortgage lender typically chooses the appraiser. However there are occasions when you would need an appraisal outside that scope. In those cases, the selection of a real estate appraiser is an important decision. Experience and competency are important factors. Don’t be afraid to ask a potential appraiser if they’re “competent” – competency is a key word used in appraisal terminology. FR Jordan is competent and accredited by the Appraisal Institute of Canada. We’re also approved by nearly all financial institutions in Ontario.
Your appraiser should also have experience in appraising similar properties to yours. Our team has experts covering the majority of property types in Ontario.
The length of the appraisal process varies based on the type of property. While each property has it’s own unique characteristics, you can generally expect the following turnaround times for appraisals:
There are many factors that go into an appraisal, including the type of property, it’s age and condition, the size and more. Because of this, we need to review your property before we can provide an accurate estimate. This is done through our free consultation.
The length of the appraisal process varies based on the type of property. While each property has it’s own unique characteristics, you can generally expect the following:
This one’s complicated. Whether or not you get a copy of the report depends on a lot of variables. It’s best to contact us for a free consultation so we can better explain and answer this question for you.
