Metrowide Appraisal Services Inc.

Real Estate Appraisal in Scarborough, ON

Real Estate Appraisal in Scarborough, ON

Metrowide Appraisal Services Inc. is a leading provider of residential real estate valuations for the mortgage lending marketplace in the Greater Toronto and surrounding area. With several years of experience in the business, we have a proven track record of expediency, efficiency, and accuracy, reducing lenders time, efforts and costs in managing the appraisal process.

Residential Appraisals for:

  • Primary and Secondary Mortgages
  • Lending Institutions
  • Private Lenders
  • Purchase Financing
  • MLS Sales or Private Sales
  • Mortgage Financing
  • Mortgage Refinancing
  • Equity Take-Out
  • Equity Line Visa
  • Marketing for Power of Sale

Our investment in training and technology has provided our customers the ability to greatly reduce their workload and become more efficient.

  • Short Turn-Around Times
  • Highest Quality Appraisal Reports
  • Electronic Ordering and Delivery
  • E-mail Status Updates

Our Real Estate Appraisal Process

One of the key methods in valuing a residential property involves comparing properties that have recently sold within the neighborhood or general area, that offer similar or somewhat similar characteristics to the subject property being valued.

The objective of the appraisal is to estimate the price that the subject property would most likely sell for if exposed to the marketplace. Comparing recently sold properties to the subject property are used as benchmarks in formulating an opinion of market value.  Comparable sales represent what other informed buyers in the marketplace are willing to pay for similar (features, characteristics and location).

Adjusting the sale price of the comparable sales to the subject property are based on key differences between each of the sales and the subject property. Usually, no two properties are exactly the same, as a result of these differences, the appraiser applies adjustments to the sale price of those comparable sales to reflect their differences (features, characteristics and location). The adjusted sales price of the comparable sales then provide a range of value to guide the appraiser in estimating the market value for the subject property.

What to Expect During a Property Inspection

An inspection is just one of the many tasks performed by an appraiser. Appraiser’s must be familiar with the property inspection process, and observe the components and characteristics of the subject property that will influence value in the marketplace.  The appraiser’s inspection takes into account a number of elements including but not limited to:

  • The physical characteristics of the dwelling and any outbuildings
  • Quality of interior and exterior finishes, upgrades, mechanical components, landscape
  • The condition of the improvements and
  • Any deficiencies or required repairs

In addition to understanding the dynamics of the real estate market, appraisers also have construction skills and knowledge, which are fundamental to their training. Appraisers also rely on the expertise of industry professionals where building characteristics are more complex. Whether it is a consumer, mortgage agent, or lending institution that engages an appraiser to value a home, the appraiser will:

  • Schedule a convenient time for an inspection
  • Plan for 20-40 minutes for the inspection depending on the size and characteristics of the home
  • Collect as much information as possible during the inspection of the property and improvements
  • Take photographs to provide a visual representation of the data described in the report
  • Ask the homeowner about important features of the property, as well as any upgrades or extras

Frequently Asked Questions (FAQ’s)

What is an appraisal?

An appraisal is a thought process leading to an opinion of value. This opinion or estimate is arrived at through a formal process that typically uses the three ”common approaches to value”. They are the Cost Approach – which is what it would cost to replace the improvements, less physical deterioration and other factors, plus the land value. There is the Sales Comparison Approach – which involves making a comparison to other similar, nearby properties which have recently sold. The Sales Comparison Approach is normally the most accurate and best indicator of value for a residential property. The third approach is the Income Approach, which is of most importance in appraising income producing properties – it involves estimating what an investor would pay based on the income stream produced by the property.

What does an appraiser do?

An appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. Appraisers present their formal analysis in appraisal reports.

Why would a person need a home appraisal?

There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:

  • To obtain a loan.
  • To lower your tax burden.
  • To establish the replacement cost for insurance.
  • To contest high property taxes.
  • To settle an estate.
  • To provide a negotiating tool when purchasing real estate.
  • To determine a reasonable price when selling real estate.

What does the appraisal report contain?

Each report must reflect a credible estimate of value and must identify the following:

  • The client and other intended users.
  • The intended use of the report.
  • The purpose of the assignment.
  • The type of value reported and the definition of the value reported.
  • The effective date of the appraiser’s opinions and conclusions.
  • Relevant property characteristics, including location attributes, physical attributes, legal attributes, economic attributes, and the real property interest.
  • Division of interest, such as fractional interest, physical segment and partial holding.
  • The scope of work used to complete the assignment

Why do I need a professional appraisal?

Anytime the value of your home or other real property is being used to make a significant financial decision, an appraisal helps. If you’re selling your home, an appraisal helps you set the most appropriate value. If you’re buying, it ensures you don’t overpay. If you’re engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anyone owns. Knowing its true value means you can make an informed financial decision.