Midtown Appraisal Group Blog
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Midtown Appraisal Group Blog
1M ago
Second mortgages can be useful – but it’s important to know what you’re getting into As appraisers, it’s not unusual for us to be asked to provide a valuation for a property when a second mortgage is being considered. Because second mortgages are, as their name suggests, ‘second in line’ to be repaid after the ..read more
Midtown Appraisal Group Blog
1M ago
What you should know about the appraisal process We know that whether you’re a buyer or a seller, the appraisal process – especially for residential or agricultural properties – can be nerve-wracking. Here are answers to some of the questions we get asked most often. Why do I need an appraisal? Contrary to popular belief ..read more
Midtown Appraisal Group Blog
3M ago
Residential appraisals are more straightforward than you think You’ve sold your house, but your offer is conditional upon an appraisal by the bank. What does this mean? The buyers of your home have applied for a mortgage from a bank, with the house used as collateral. The bank gets an appraisal to ensure that there’s ..read more
Midtown Appraisal Group Blog
4M ago
For many years, as a practicing appraiser, I didn’t have a huge amount of contact with homeowners or residents. A financial institution would call with an appraisal request, I’d make arrangements with the real estate agent to pick up the keys or access the lockbox, and do the inspection when the owners or residents were ..read more
Midtown Appraisal Group Blog
6M ago
Per-acre farm values in Canada have been rising more slowly than residential home prices (about 5% in 2019 vs 2018), but, like residential properties, values are largely dependent on regional locations and southern Ontario values can be as much as 35% higher than the provincial average. With as much of 75% of Canadians’ wealth tied ..read more
Midtown Appraisal Group Blog
7M ago
A few simple tips to help your appraisal go more smoothly “We’re refinancing our mortgage and they’re sending out an appraiser this week. What should we do to ensure that our appraisal goes smoothly?” As we’ve discussed before, professional appraisers are trained to see beyond a few dirty dishes in the sink and even that ..read more
Midtown Appraisal Group Blog
7M ago
This infographic (below) from The Appraisal Institute has been around for a couple of years now, but I came across it again recently and I think it’s still worth a look, especially if you’re new to the appraisal process. (NOTE: The infographic refers to federal legislation in the US, and some of those laws may ..read more
Midtown Appraisal Group Blog
7M ago
Sometimes, when you’re appraising a property – especially an older one – you’ll come across something that doesn’t seem to fit in with the typical zoning for the area: Maybe it’s a large commercial sign in a street of single-family homes, a quadruplex that was built in the 1960s that now sits beside luxury homes ..read more
Midtown Appraisal Group Blog
7M ago
(Outside of a sale or purchase) Anyone who’s ever bought a piece of property – especially a residential home – involving a mortgage is probably familiar with the appraisal requirement: Very few banks or mortgage financing companies will lend money for home purchase without ensuring that a professional appraisal has been done. They need to ..read more
Midtown Appraisal Group Blog
7M ago
How appraisers look at the components of a property, Part 1 If you’ve recently bought or sold a home that involved a mortgage or loan, chances are an appraiser has been involved at some point to confirm the property’s value. And if you asked your agent or mortgage broker what an appraiser looks at, they ..read more