About the Appraisal Process

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.

How do I select an appraiser?

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.

How long does it take?

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:

Residential Residential appraisals start with a free consultation. After that, we’ll schedule your appraisal, which includes a site visit lasting approximately 15 to 30 minutes depending on the size of your home. After the site visit is concluded, most residential appraisals are completed within 2-3 business days as we perform our analysis of the site visit, market trends, and comparable properties in your area.
Commercial Commercial appraisals require more time than residential appraisals due to the more complex nature of commercial buildings. Following your free consultation, we’ll provide a time estimate to complete the entire appraisal process, which can average from a few business days to several weeks.

How much does an appraisal cost?

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.

What should I expect during the site visit?

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:

Residential A residential site visit consists of an interior and exterior walk-through of your home. We’ll look at things such as mechanical and electrical systems, construction materials, the age of your home, as well as the quality and condition of the home. A typical home takes only 15-20 minutes on average.
Commercial Commercial site visits can take anywhere from 30 minutes to several hours depending on the size of the building. Like residential appraisals, a commercial site visit includes both interior and exterior walk-throughs. We’ll look at mechanical and electrical systems, layout, construction, age and the overall quality and condition.

Do I get a copy of my appraisal report?

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.