Our Appraisal Process
Residential home appraisal process in London and Southwestern Ontario.
At Riverbend Appraisals, we provide trusted professional, unbiased home appraisals in London, Middlesex County, St. Thomas, Elgin County, Oxford County, and the surrounding Southwestern Ontario region. Lawyers, mortgage brokers, buyers, sellers, and investors consistently choose Riverbend because we treat every appraisal withthe attention and respect it deserves. Our in-depth analysis provides clarity, accuracy, and assurance throughout the entire process.
Nine steps, start to finish
Step 1: Order received and review
- Client engagement
- We receive your order when you request an appraisal, whether through a lender, real estate agent, or directly.
- Assignment review
- Our appraiser reviews the order details, confirming the property type, the purpose of the appraisal (e.g., purchase, refinance, tax purposes, separation, or litigation), and the scope of work needed.
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Step 2: Preliminary research, quoting, and access
- Data gathering
- We collect public records, MLS listings, previous appraisal reports, and property tax records to gain a comprehensive understanding of the property’s value.
- Market analysis
- We research market trends, local property values, and economic conditions specific to Southwestern Ontario to ensure our valuation is accurate and up to date.
- Provide quote
- After preliminary research, we prepare a detailed quote for the appraisal. Once approved, we proceed to schedule the property inspection.
- Confirm access
- We contact the homeowner or agent to schedule the property inspection at a convenient time.
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Step 3: Property inspection
- Exterior evaluation
- We take photographs of the property’s exterior and surrounding area, assessing factors like lot size, landscaping, and neighbourhood characteristics.
- Interior inspection
- Inside, we walk through the property, documenting the layout, square footage, condition, upgrades, and any deferred maintenance.
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Step 4: Comparable sales analysis
- Selecting comparables
- Our appraisers identify comparable properties (or “comps”) that have recently sold, are listed, or were under contract in Southwestern Ontario.
- Adjustments
- We adjust for differences between your property and the comparables (e.g., lot size, location, condition, and amenities) to ensure our precise valuation.
Curious about your property’s market value? Get a comparative market analysis today. Request an appraisal
Step 5: Cost and income approaches (if applicable)
- Cost approach
- We estimate the cost to rebuild the property, accounting for land value, construction costs, and depreciation.
- Income approach
- We assess the income potential of investment properties based on rental income, expenses, and market demand.
Step 6: Reconciliation of value
- Value derivation
- We combine data from the sales comparison, cost, and income approaches to derive the most accurate market value for your property.
- Final opinion of value
- Based on our analysis, we choose the most appropriate valuation method and provide you with the final opinion of market value.
Step 7: Report compilation
- Writing the appraisal report
- Our appraisal reports are comprehensive and transparent. They include:
- Property details, neighbourhood characteristics, and market conditions.
- The valuation methodology and justification for the adjustments made.
- Compliance with CUSPAP (Canadian Uniform Standards of Professional Appraisal Practice).
- Quality assurance
- We review the report for accuracy, clarity, and ensure it meets both client and regulatory standards.
Get a professionally written appraisal report with clear, reliable data. Request your appraisal today
Step 8: Submission to the client
- Delivery of report
- The completed appraisal report is securely delivered via PDF format, either through a secure online portal or email. We ensure the process is seamless and confidential.
Step 9: Record keeping
- Document retention
- All appraisals are kept on file according to the required retention period, ensuring easy access for future reference or audits.
Tell us about the property. You get a fixed-fee quote before any work begins.
Every report is quoted individually. Share the address and what your lawyer, accountant or lender has asked for, and we will take it from there.