RESCO Approved Appraisers

RESCO accepts appraisal done by Value Connect.

ONTARIO

MANITOBA

APPRAISAL REQUIREMENTS

The following applies to every residential appraisal submitted to RESCO Mortgage Investment Corporation and must be adhered to.

Appraiser(s):

Appraisers must have one of the following designations: Canadian National Association of Real Estate Appraisers (CNAREA): DAR Appraisal Institute of Canada (AIC): AACI or CRA

General:

All appraisals must be completed in accordance with the standard acceptable practices of the Appraisal Institute of Canada or Canadian National Association of Real Estate Appraisers. Appraisal reports are to be sent by the appraiser directly to the RESCO Mortgage Investment Corporation. (deals@rescomic.ca) Client is to be RESCO Mortgage Investment Corporation and for First or Secondary mortgage financing purposes. All rooms in the home must be viewed and confirmation is to be noted in the appraisal report. Confirm there are no adverse external factors which may affect the marketability of the property. The cost approach is required on all reports, except for condominium/strata properties. Secondary units in the subject property (if any): Confirm they are self-contained and comply with municipal standards. Include economic rents.

Comparables:

Use a minimum of 3 comparable sales from the immediate area. Should reflect arms-length transactions and must have closed within 90 days of the effective date of the appraisal. Must have closed and be available from MLS: Provide MLS photos & listing, along with a location map of the comps. Clearly explain subjective adjustment(s) in the report (e.g. views, appeal, condition, location ratings). Provide the listing price and the length of time to sell for each of the comparable sales. Include supporting details if the net adjustments exceed 10% of the original sale price of the comparable.

Photographs:

The appraisal must contain current, clear and well-framed colour photographs of the following: Front and rear of subject property, along with a street scene. Include photos of outbuildings, if any. Interior photos of all rooms (including those in the basement) to be provided. Examples of physical deterioration (if present) and recent updates (if any).

Condominiums:

If the building is subject to any special assessment, details should be included in the comments.

Special Instructions:

If the appraiser was denied access to any part of the property, they must make note of it in the report. New construction – The property should be 100% complete when indicating the completed value. Structural Integrity (Foundation cracks, water seepage/staining, etc.): If evident, additional comments and pictures are required. Deferred Maintenance if known, please provide estimated scope of work. Pictures are required. Appraiser to make note if any bedroom doors had/have dead bolts (ie. any signs of property being used as a rooming house).

Disclosure:

Incomplete appraisals will not be accepted. Any form of confirmable misrepresentation will lead to termination of approved status, the filing of a REDX incident report and reporting to the appropriate association (AIC and/or CNAREA).