At Adlaw Appraisals, we conduct residential and commercial appraisals for many purposes, including mortgage financing. We are adjusting swiftly to the necessary changes brought upon by the COVID-19 pandemic. Under the direction of both the Government of Canada and the Appraisal Institute of Canada, appraisers are no longer able to complete interior inspections of homes to ensure the safety of both the appraisers and the occupants. Most banks and lenders have also adjusted their lending criteria to include appraisals based on an exterior inspection only; however, there are four important caveats to keep in mind:
Although adjusting to this “new normal” may seem ominous, it is not as daunting as one might imagine. Most people have smartphones and are familiar with camera and app functions so these new instructions should feel rather straightforward. If, for some reason, the homeowner or realtor has trouble following these instructions, we have means of cross-referencing photo capture dates and geo-location to ensure the accuracy and reliability of the provided interior photos so that all stakeholders’ interests are protected.
Above all, we believe that this is a time when we can all demonstrate our resolve and work together to achieve a common goal, despite these challenging times; and we are always happy to help.
Wishing you all a happy and healthy Spring 2020!
Sincerely,
Adam Lawrenson
www.adlawappraisals.com
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