Requirements
- The appraisal must be completed by an accredited appraiser (CRA or AACI) that has been accepted by National Bank Optimum Mortgage
- Appraisals are to be addressed to National Bank Optimum Mortgage
- Current appraisals from approved appraisers addressed to parties other than National Bank Optimum Mortgage, may be accepted provided a Letter of Transmittal from the appraiser is obtained
- The appraisal must clearly indicate that National Bank Optimum Mortgage is permitted to use the subject appraisal for mortgage financing purposes
- Interior Inspection of all rooms in the property to be completed
- Appraisals are to include specific comments on any unusual or detracting property features, property conditions including general upkeep, and any detracting neighbourhood features
- Appraisal analysis is to be performed with particular attention to the property's geographic location, remaining economic life, and the location of the comparables used in the Direct Comparison Approach section
- In all cases, payment of appraisal fees will be the sole responsibility of the mortgage broker and the borrower, unless otherwise stated by National Bank Optimum Mortgage in writing
- Appraisals must be original or email/.pdf; no facsimile copies will be accepted
- Appraisals must be submitted on standard Appraisal Institute forms and the following items must be attached to, or included in, the report
Comparables & photographs:
- Comparables:
- The report needs to include a minimum of one comparable sale closed within 90 days of the report date.
- The comparable sale within 90 days:
- Must be similar in design/style, location, bedroom count etc.
- Must have gross adjustments no more than 25% of their sale price for properties in urban areas and 35% for properties in rural/remote areas
- The comparable sale within 90 days:
- The report needs to include a minimum of one comparable sale closed within 90 days of the report date.
- At minimum three interior pictures are required.
- Map included, showing the location of the property and the comparables used
- A 12-month listing history of the property showing all listings, sales and expired listings
Please note the following:
- If possible reports to be based on an as is value
- For acreage properties, value to be based on maximum 5 acres and 1 outbuilding (personal use only)
Please answer the following questions in each report:
- Who let you into the property?
- If it was the owner, were they aware that a transaction (refinance or sale) is pending on their property?