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Standard Appraisal Requirements...

Individual lenders may request additional information (Case by Case)

Please be aware that the appraiser must be on the lenders approved list, if not then another appraisal must be completed by approved appraiser.

All appraisals will be completed by an accredited appraiser (CRA or AACI) and be submitted on standard appraisal institute forms with the following attached to the appraisal:

  1. External photographs - front, side, back of all buildings
  2. Internal photographs - must include "ALL" rooms (notify occupants prior to viewing of this)
  3. Photographs of any problems noted by appraiser
  4. State if property is owner occupied or rented or combination
  5. If property is occupied other than owner then economic rent must be indicated
  6. Appraisal report must confirm that all rooms have been viewed
  7. Appraisal is valid for one month
    (subject to Adjustment as per individual lenders guidelines maximum may be up to 3 months on a case by case basis)
  8. Appraisal must have FINN LARSEN MORTGAGE SERVICES as other intended user
  9. Appraisal report must confirm minimum life of property at least 5 years more than the amortization
  10. Property is conforming to city and regional by-laws
  11. New condo developments require a minimum of 2 outside comparables
  12. Existing buildings require a minimum of 1 outside comparable
  13. If Adjustmensts are greater than 10% of the subject property value, an explanation must be provided
  14. Minimum of 3 of each interior , exterior, and street scene photos required
  15. Valuation must be for 90 day sale period
  16. Adjustments on comparable sales must be no more than 25% for gross and 15% for net (unless accompanied by adequate explanation)
  17. Plot plan showing location of buildings upon property
  18. Street location mapping
  19. Zoning information
  20. 7 years of MLS history of surrounding properties
  21. Aerial Location mapping
  22. Floor map layout
  23. Full MLS information and non-pictures of sale comparables which is to be no older than 6 months
  24. 7 Years listings and sales by address
  25. Map showing locations of comparables and subject property
  26. Only the first 5 acres will be considered for valuation purposes
  27. If rural property the GPS coordinates (Preferred)
  28. The appraiser to not the answer to the following questions in the appraisal:
    1. Who was at the property when appraised?
    2. Is the owner of the property aware there is a refinance or sale taking place on the property?
  29. If vacant; How was access granted?
  30. The appraisal must list the following:
    1. Actual marketing times for comparable sales listed
    2. Projected marketing time for subject, based upon appraised value
    3. Vacancy rates required on multi unit dwellings (2-4 units)