T. McCormick & Associates Inc.
"Residential Appraisers Since 1989"
We would like to take this opportunity to introduce you to our Real Estate Appraisal Firm:
T. McCormick & Associates Inc. has a staff of fifteen appraisers with a collective experience of one hundred and fifty years. Our staff are professionally trained and each specialize in a specific designated area throughout the surrounding Greater Toronto area.
We appraise various property types for area lenders, mortgage brokers, lawyers, relocation companies and individuals.
At T. McCormick & Associates Inc., we pride ourselves on providing timely appraisal reports. Our policy is to maintain as quick a turnaround time as possible. If any problems arise, ex: gaining access to the subject property, the lender and broker will be notified immediately.
Support Staff:
Our support staff is critical to the reliable and accurate delivery of our appraisal reports. These positions handle incoming inquiries, order entry, status, data entry and file management, bookkeeping, report presentation and delivery.
For more information about T. McCormick & Associates Inc., our services or our appraisal agents, please contact us by telephone or by email.
We look forward to doing business with you in the future!
We provide all of our clients with general 3-day service and special 24-hour service when necessary. Our appraisers are accessible during business hours, and each of us carries a cellular phone to ensure accessibility. We promise to be available when you need us!
Tom McCormick
President, T. McCormick & Associates Inc.
| What is an Appraisal?
An Appraisal is a formal and impartial estimate or opinion of value, usually written, of an adequately described property, as of a specific date, and supported by the presentation and analysis of relevant data. It is prepared by a qualified individual for reliance by identified parties for which the appraiser accepts responsibility.
The Appraisal Process
Step 1. The Inspection
A thorough inspection of the property being appraised is completed to identify the location, type of dwelling, number of rooms, basement development, garages, etc. and to determine the condition and quality of the interior and exterior. The inspection often includes measuring the dwelling to record the proper size. The appraiser also looks for any positive or negative influences, physical and functional things that would affect the value of the property.
Step 2. Data Collection and Analysis
Information regarding the city/town, neighbourhood, services and utilities available, the address, ownership, land use classification, site dimensions and area, legal description, taxes, tax assessment, age of the dwelling, purchase price and sale date, previous MLS history, current real estate market data, comparable sales and listings are gathered and analyzed.
Step 3. Direct Comparison Approach
The value estimate in this approach is based on the selling price of comparable properties. Recent sales and listings in the area are researched to find properties which are the most similar or ''comparable'' to the subject property being appraised. The details of these sales and listings are verified. Using our knowledge of the value of certain items such as dwelling size, features, upgrades and other value enhancing characteristics, the differences between the comparable sales and the subject property are identified and adjusted for. An agreement among the adjusted values or a range of value may result.
Step 4. Final Estimate of Value
To arrive at a Final Estimate of Value, the appraiser selects the value by applying greater weight to one or more of the comparable sales or equal weight on all of them based on a variety of criteria such as which sales were the most similar to the subject, required the least amount of adjustments or the most recent.
Step 5. Complete the Residential Report Form
Addendums to the report are prepared and usually include interior and exterior photo’s, city/town and comparable sales map. The entire report is reviewed and signed. The outcome of the appraisal is communicated to the client and the report is delivered.
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