Who We Are

Hello and welcome to Metrowide Appraisal’s first official blog post! For those who are unfamiliar with our company, allow me to introduce myself. My name is Patrick Smith and I am the Founder & President of Metrowide Appraisal Services Inc. I am a professional residential real estate appraiser, specializing in business with private lenders, trust companies and Alternative and B lenders. Thanks to our wonderfully loyal clients, we have been in business for 25 years. In this post, I will provide tips to clients ordering appraisals that will assist them in the home appraisal process.

I am excited to share my knowledge that I have gained by leading a residential appraisal company in the Greater Toronto Area. My goal is to help you work better with us so that your experience from ordering an appraisal to having a complete understanding of our services is nothing short of superb and thorough. We want you to be at ease with your role in the appraisal process.

Toronto highway with view of city skyline

What Is the Value Indicated Based On?

Some clients ask me, “how can we adjust the value indicated on the final report so I can get this deal done?”  My answer is always, “appraisals are not negotiating tools”.  We are unable to adjust the appraised value unless there is concrete reason to do so.

Appraisers need to act as an extension of lending institutions’ credit departments, and also serve the needs of business development managers and mortgage brokers.  We must be precise in our analyses and ensure we back up our findings with detailed research.  Credit departments at lending institutions then thoroughly analyze these valuations.  We are always expected to be completely independent and unbiased.

Thanks to our consistency, we are proud to say that we have never been removed from any lender lists.  We prioritize quality and reliable services so this is a huge win for us.  We also know how easy it is to be removed from a lender list and how difficult it can be to be added to one.  Click here to view the lender lists we are on.

Our team would be thrilled to answer any questions you might have throughout the appraisal process and more specifically, about the final report.  The reports can be a heavy read for non-appraisers and are easier to understand after speaking to the appraiser who wrote it.  So please don’t hesitate to get in touch with the appraiser through phone, email, or through the orderlog for the appraisal.

Mortgage, financial, real estate and legal experts can also visit the Appraisal Institute of Canada for more relevant information.

For more valuation information visit the FAQ section of our website.

Exterior of two-storey home with burgundy door and white fence

What Can Prevent a Home Appraisal from Being Completed?

Sometimes an appraiser will head over to a home for an inspection, only to realize that it cannot be done.  We recently received an appraisal request for a home that was completely gutted. The appraisal was requested to determine if the homeowner would be approved for a renovation loan.  However, the home was being propped up on steel poles ready to underpin the basement.  It turns out, the owner of the home didn’t have a building permit for the renovations that have been started!  As a result, we were forced to decline the appraisal request since the mortgage agent – the ordering client – was unaware of the renovations taking place.

Clearly, the mortgage agent didn’t know about the lack of a building permit.  Therefore, we did not collect an appraisal fee and advised our client of the situation.  We’re glad the homeowner did not waste money paying for an appraisal before it was needed!

Please reach out if you have any questions about this.

Industrial hanging ceiling lights

What Do They Look For In A Home Appraisal?

Another not-so-simple appraisal request came in for a home that has Outstanding Work Orders Registered with their local municipality.  For those who don’t know, an outstanding work order registered on a property indicates that there is work that must be completed on the home. Therefore, it was highly unlikely that a lender would provide a loan on such a property until the work is done.   Once our appraiser learned of this, he informed the homeowner right away.  The lender – who ordered the appraisal – was grateful that we conducted this level of research as it saved him legal expenses and hours spent on this property.  When the appraiser obtains this information, the consumer is also likely saving on legal expenses.

Preparing for a Home Appraisal (As the Ordering Client):

If you need a home appraised, it is important for you to know enough about the home before you order an appraisal.  This means you should ask the homeowner the right questions about the property at the beginning of your working relationship.

Your Key to a Successful Refinance

Make sure you know details of the home, such as:

  • Any ongoing extensive renovations;
  • Existing water damage to the home;
  • Potentially being used as a multi-unit home illegally;
  • If there is a lot of clutter throughout the home;
  • Is there outstanding preventive maintenance on the home?

These situations could cause delay in closing a deal or prevent you from getting a deal done at all!

Conditions for Home Appraisals on Purchases

Are there any conditions in the sales agreement?  Most conditions in a sales agreement must be met within five business days.  Also, the sales contract will be voided if a condition is not waived and there is no amended extension date for the condition.  For this reason, it is crucial that we know the due date of the agreement! We also ask for the closing date when a client completes an order form online as both are important to know.

Closing a New Home Purchase

Ensure you read the Builder Sales Agreement to obtain:

  • Legal Description,
  • Lot Size,
  • House Size,
  • Floor Plan,
  • Any other restrictions to the subdivision or use of a property.

Check if there were any amendments to the agreement and obtain a list of upgrades.  Also check if there were any builder rebates.  All of these items directly affect the final valuation.