Covid 19 Update
RECA has announced that the Alberta Appraisers are on the Essential Services List, and as such are able to continue to work, but must also follow “Physical Distancing” protocols, and other guidelines as set out by Alberta Health Ministry and Health Canada.
We have heard of instances from across the country of appraisers that are operating business as usual and entering homes. Banks, mortgage lenders and other stakeholders have stated that just as much as appraisers do not want to enter homes, homeowners do not want appraisers walking through their homes. The risk of being exposed to COVID-19, or even worse inadvertently exposing the home owner can be devastating to the appraiser and the industry as a whole. We are also aware of one or two lenders that still expect the appraiser to complete a full report with interior inspection. We find this unacceptable and as such we are explicitly stating that our appraisers are not to enter homes until Federal and Provincial governments and health authorities relax physical distancing protocols. The appraiser will still view your home from the exterior and may ask that you supply photographs via email of the interior to help with the value assessment.
Appraisers play a vital role in ensuring Canadians obtain credit facilities that will help them or their businesses get through these challenging times but not at the expense of health and safety. Both associations, banks, AMC’s, mortgage lenders, mortgage insurers, regulators and other stakeholders have all stated that the health and safety of clients, homeowners, tenants etc., and appraisers is first and foremost. The market place has adjusted to accepting full appraisals that do not include the inspection of the interior of a home by the appraiser which means that the appraiser should be looking at alternative methods of obtaining this information; please refer to previous announcements for details.
Price Aspinall Appraisals is a professional real estate appraisal and consulting firm offering a complete range of expert services including real property evaluations on all types of residential, rural, and commercial properties
Specific property valuations are provided for financing purposes, buying and selling real estate, arbitration, assessment appeal, development, bankruptcy, litigation and foreclosure. All lending institutions and relocation companies accept our appraisal reports.
Our clientele include individual property owners, investors, pension funds, developers, brokers, realtors, law firms, government, insurance companies, and the courts as well as lending institutions and relocation companies.
There are many situations in which it is vital to know the value of a property: To estimate current equity, or market value for purchase or sale. To obtain financing. To aid in investment and business decisions. To confirm government values in tax and capital gains assessments. To estimate value for expropriation compensation. To serve as a basis for equitable settlements of estates and property in litigation. To estimate value for insurance claims or coverage. Or to provide additional real estate consulting services and expertise such as highest and best use analysis and market research studies.
Real Estate is a complex form of investment. Unlike the stock market, for example, in which stock units are priced equally and there is an open market for shares, many factors affect real estate values. As well, the market for individual properties is often limited. In addition, every property has characteristics that make it unique, whether it is a home, an apartment building, a farm or a commercial use of land such as an industrial, office or retail. Choose a Professional, the events of recent years have shown that real estate is not always a safe or stable investment. It is important then to consult with a qualified, professional real estate appraiser when you need an informed and objective opinion on the value of a property. Get the facts, and the research to back them up, from a trained professional appraiser.