FAQ

• E & J FAQ
  

  What is an appraisal?

  
  An appraisal is a professional estimate/opinion of market value which may be defined as “the estimated amount for which a property should exchange on the open market on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties each acted knowledgeably, prudently, and without compulsion.”

  The appraisal is provided in a standardized report format with all supporting market data and property documentation.

  
  What does an appraiser do?

   

  A professional real estate appraiser provides an objective, informed opinion of value supported by the presentation of relevant data. In doing so, the appraiser normally visits the property and will thoroughly document it with pictures, measurements and field notes and the like. He or she then carefully compares the subject property to other comparables properties and makes dollar adjustments to reflect the differences between them.

  Good appraisers are thorough, knowledgeable, experienced and objective and must adhere to a strict code of ethics and the standards as set out in the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Please refer to the Appraisal Institute of Canada for more information.

  
  How much does an appraisal cost?

   

  Our appraisal fees vary depending on a number of factors such as:

  1. Is it a commercial or residential appraisal?
  2. Type of appraisal: Full, Drive-by, Desk top? Or market data only?
  3. Size of the property - large properties require more on-site time and may be more research intensive.
  4. Two values required? “As is” and “as improved” as an example.
  5. Is the property unique (more research intensive) or homogenous? (less research intensive)
  6. Do you need the appraisal in a rush? (Discuss with our after hours and weekend appraiser) An extra rush fee may be applicable.
  7. Is the property in the greater Edmonton area or is there travel time involved?
  8. Is this a city property or acreage?

  
  We are NOT a low-cost, high volume “appraisal mill” but our fees are fair and our reports are carefully managed. Our fees are always subject to change but generally you can expect the following:

  1. Full Appraisal (our most comprehensive): $250-350

  
  This is the most popular appraisal type and is the standard for most lending institutions. It requires a full interior and exterior inspection of the subject property. In doing so, this option provides the appraiser the most in depth understanding of the subject property and ultimately results in the most supportable and credible opinion of value.

  This pricing option covers the vast majority of residential properties in St. Albert, Edmonton, and Sherwood Park as well as smaller bedroom communities such as Fort Sasktachewan, Beaumont, Leduc, Morinville, Spruce Grove and Stony Plain. You will be happy to know that with 20 years experience we are recognized and approved by virtually every chartered bank and subprime lender in Canada!

  
  2. Drive-by Appraisal: $175.
  
  

  As it suggests, we only drive by the property and take a picture(s) from the outside. This type of appraisal allows the appraiser to better factor in the subject’s curb appeal, location and surrounding property types as well as the ability to drive by the comparable sales in the area if/when possible.

  A good option for homogenous property types in the greater Edmonton area where relevant sales data is abundant and where condition and improvements of the property are known or assumed to be typical for the area but perhaps there is an important locational factor to consider. Only a range in value is concluded.

  3. Desk-top: $75.
  
  

  We do not leave the office. We rely on empirical records from entities such as municipal government sources, Alberta Land Titles, and the MLXchange (MLS) to name a few.

  This is the type of appraisal provided in Comfree listings. A quick and economic option for homogenous property types where location, condition and improvements of the property are known or assumed to be typical for the area, where sales data is abundant, where loan-to-value ratio is very low, or the client requires a general idea of market value. Only a range in value is provided.

   
  Guess what?? With every appraisal service we are happy to provide subsequent update appraisals semi-annually or annually for the price of a desk-top appraisal ($75). No need to re-inspect your property unless the property has undergone significant change.

  Please note that our prices are subject to change and not all appraisal types are appropriate for all properties or appraisal purposes. Please call us to discuss what may best suite you.

  Also, whether you are buying, selling, or planning maintenance or renovations consider packaging your appraisal with a comprehensive home inspection. Call for details.

  For commercial properties or reserve fund studies please call 780-486-6636 for a quote.

   

  How long does an appraisal take?

   

  After we inspect the property, it usually takes about one to two business days for straightforward appraisals. There are often circumstances beyond our control that may delay the appraisal process but we will keep you up to date.  Drive-bys and Desk-top appraisals are usually done the same day and we guarantee market data in 2 hours or less if ordered between 8:30-2:30pm

   

  What qualifications do appraisers need?

   

  Critical thinking and analytical skills are essential for individuals involved in formulating opinions who work in consulting and advisory capacities. Real property appraisers need to be able to make prudent judgments and independent decisions. They must be skilled in gathering and evaluating facts, and must understand how to access the variety of data sources that are needed for comparisons and analysis. Technical competence in reading survey drawings and blueprints and identifying construction features and materials is applied in many situations. Mathematical skills are a strong asset for both the technical aspects of inspections and the analysis of markets; strong written and verbal communication skills are also necessary for producing clear, concise reports and for dealing with clients on a daily basis.

   

  What certifications do your appraisers have?

   

  Our appraisal team is comprised of both accredited residential and commercial appraisers as well as undesignated members who are working towards their designations. The CRA (Canadian Residential Appraiser) and AACI (Accredited Appraiser Canadian Institute) designations are owned by the Appraisal Institute of Canada (AIC) which was established in 1938. The AIC is considered the most widely recognized appraisal organization in Canada and has the highest educational standards for its members. These accreditations are awarded after the appraiser has completed the required real estate courses, mentorship period, and final examination as mandated by the AIC. A degree is currently required to obtain either designation.
  The CRA members can use their designation only in connection with individual undeveloped residential dwelling sites and dwelling sites not containing more than four self contained family housing units. The AACI designation, which is the more comprehensive of the two, is catered towards consultation and appraisal of commercial properties but also allows for the member to appraise all residential property types. Our appraisal members also carry professional liability insurance and are licensed by the Real Estate Council of Alberta (RECA).

   

  What does an appraisal report Contain?

   

  All reports contain the following:
  • Identification of the client
  • the estimate (or opinion) of value
  • the effective date of the appraisal
  • the purpose of the appraisal
  • the qualifying conditions
  • the description of the neighbourhood
  • an identification of the property and its ownership history.
  • an analysis and interpretation of the data and the assumptions made
  • the processing of the data by one or more of the three approaches to value (direct comparison approach, cost approach and income approach).
  • the certification and signature
  • supporting material such as maps, plans, charts, photographs, etc.

   

  Where do appraisers get their information from?

  
  Appraisers obtain information from a variety of sources and databases and are most often required to pay for the information that they require. The most widely used database is the MLXchange provided by the Realtors Association of Edmonton. The public may know it as the Multiple Listing Service (MLS) Appraisers may also hold accounts with Alberta Land Titles as well as various departments in local municipalities and surrounding counties.

   

  What is the difference between a realtor’s CMA (comparitive market analysis) and a real estate appraisal?

  
  Both reports indicate an opinion of market value. However, an appraisal by a certified real estate appraiser is an unbiased, supported and legally binding opinion of value. A realtor’s CMA may demonstrate the most “optimistic” sale price for your home under ideal conditions and could be biased in order to obtain a listing.
  Consider this as well, if you are a buyer, would your commissioned realtor tell you if you were paying too much? A good realtor should provide you an honest, realistic market analysis of the property you are selling or buying and should bargain to get you the best price. Choose your realtor wisely. We recommend you always get a certified real estate appraisal – the cost of the appraisal is a mere fraction of what it may cost you in the long run. Take a look at our appraisal options for you.

   

  How should i prepare for the appraisal of my home?

  
  Our appraisers appreciate that many homeowners may not be the best housekeepers at times. A good appraiser can see beyond basic clutter and does not expect your home to be in “show home” condition. However, access to each room and visual inspection should not be impeded by personal belongings. Please make every effort to make sure the appraiser has sufficient access throughout the property so he or she can document it in its entirety.
  If occupants are working nights and sleeping during the day, or if there is a tenant-occupied basement suite please make appropriate arrangements so that these areas can be inspected. Otherwise, the appraiser will have to make qualifying statements in the report which may affect a lender’s willingness to loan against the property.
  The following information can be very useful to the appraiser. Please provide the following if available:
  
  

  1. A list of past and present upgrades or problem areas you may feel are relevant
  2. Any home sales in the area that you think may be a relevant comparable to your home.
  3. A list of personal property being sold with the home, if any.
  4. Copies of previous appraisals
  5. Home inspection reports
  6. Copy of past or present sales agreements
  7. Copy of your Real Property Report (RPR – a certified survey of your property showing building structure dimensions, set backs and property line dimensions). 

   
  I just received my appraisal report and I disagree with the outcome of the appraisal - what can I do?

  
  At Ergil & Jackson Appraisals Ltd we value working relationships and strive to manage our clients’ value expectations both before and after the appraisal inspection with clear communication.  Unfortunately, as we are in the “opinion business”, it is inevitable that disagreements happen on occasion. However, you can be assured that you are receiving a well documented, objective and supportable appraisal of the property that has been reviewed carefully by management.
  We are happy to consider any additional information that you think is relevant and we will not hesitate to adjust the value of the property so long as the information is verifiable and relevant to the property being appraised. If we suspect or observe something during the appraisal process that may greatly affect the outcome we will advise you in advance. We cannot provide refunds or alter appraised values simply because the appraised value does not meet expectation.
  That said, we are always seeking customer feedback so we can improve our services. If you like to make a comment, compliment, complaint or suggestion call Colin Jackson, CRA at 780-486-4757 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

   

  Do you provide home inspections?

  
  Well our appraisers don’t but our good friends at JBR Inspections do! We have created a strategic partnership with John and Brent at JBR Inspections in order to better serve the diverse needs of our clients. John and Brent are both certified and licensed.
  We understand that buying or selling a home can be stressful with many steps in the process. Let us take out some of the pain for you! We strive to provide a hassle-free one-stop shop experience AND we can discount our appraisal and home inspection services to help you out. Call us for more details!!

   

  How long have you been in business?

  
  Prior to July 2009, Ergil & Jackson Appraisals Ltd operated as Henderson & Butt Appraisal Consultants Ltd which was formed in 1989 by Mr. Cecil N. Butt, AACI.
  The company is now owned and operated by Colin Jackson, CRA and Shey Ergil, AACI both of whom had long standing careers with Henderson & Butt Appraisal Consultants Ltd. We are pleased to say that we over 20 years experience behind us; making us a leader in real estate appraisal services in the greater Edmonton area.