How an appraisal proceeds
Four stages from the initial request through to delivery of the completed report.
Process
Every assignment follows the same four stages. The detail within each stage varies with the intended use of the report and the requirements of the intended user.
Request
The property, the intended use of the appraisal, and the intended users of the report are confirmed, along with the effective date of value where it is not the date of inspection. The appraiser confirms competency for the assignment, identifies any prior interest or relationship requiring disclosure, and provides a fee quote and expected delivery date. The assignment proceeds once those terms are agreed.
Inspection
The inspection is arranged with the owner or occupant. The property is measured and the interior and exterior are inspected and photographed. Room count and layout, age and condition, finishes, mechanical systems, renovations and additions, site dimensions and configuration, and any external factors bearing on value are recorded. Where the assignment calls for a drive-by or desktop scope, that reduced scope is disclosed in the report.
Analysis
Comparable sales are researched from local market data and verified. Adjustments are applied for differences in location, size, age, condition, and features, and the adjusted evidence is reconciled into an opinion of value. Prevailing market conditions in the subject’s segment are analysed, along with current competing listings where the assignment requires it. Supporting data is retained in the work file.
Delivery
The completed report is issued to the client in the required format, setting out the scope of work, the data relied on, the analysis, the value conclusion, and the appraiser’s certification, assumptions, and limiting conditions. Questions about the contents of the report are addressed after delivery.
Fees
Fees are quoted per assignment. The quote reflects the property type and size, its location within the service area, the report format required by the intended user, the effective date of value, and the timing required for delivery.
Fees are quoted and agreed before the assignment begins, and are payable for the work performed regardless of the value concluded.
Independence of the value opinion
The appraiser’s opinion of value is arrived at independently. It cannot be pre-arranged, requested, negotiated, or influenced by any party, including the client, a lender, an agent, or a party to a transaction.
Assignments are not accepted where the fee is made contingent on reporting a predetermined value, a direction in value, the approval of a loan, or the outcome of a matter.
Request a quote
Assignments are quoted individually based on property type, location, report format, and required timing.