Hey there, homeowners and future homebuyers! We've got some fascinating insights for you about home appraisals that might just blow your mind. 🧐

Imagine this scenario: You're on the verge of realizing your dream of homeownership, and you've invested in a home appraisal. Naturally, you'd expect to receive a copy of it, right? Well, not so fast! 💸

In a recent article featured in Canadian Mortgage Trends magazine (dated September 25, 2023), we stumbled upon a surprising revelation: Paying for a home appraisal doesn't necessarily grant you ownership of it. 📝

So, who gets to call the shots in this intriguing appraisal process? Let's dive in. 💼

As Christopher Bisson, the founder of appraisal tech company Value Connect, puts it, "He or she who holds the gold, makes the rules." In simpler terms, the party responsible for financing your mortgage has a say in who gets to retain the appraisal. 🤷‍♂️

Now, here's where it gets even more perplexing: Financial institutions are obliged to furnish copies of your credit score assessments, even if a third party requests them. But when it comes to home appraisals, it's a whole different ball game. 🏦

In Canada, there are two professional appraiser associations, each with distinct rules about appraisal ownership.

According to the Appraisal Institute of Canada (AIC), the appraisal report belongs to the entity that commissioned it, often the lender when it's done for financing purposes. Even if you're the one who requested it, you aren't considered the appraiser's client. 🤔

On the flip side, the Canadian National Association of Real Estate Appraisers takes a different stance. They argue that the person who requests and pays for the appraisal, whether it's a homebuyer or a lender, should have access to a copy of the report. It's then up to the payer to decide whether they want to share it with others involved in the mortgage process. 💡

But why all the secrecy? 🤐

According to Bisson, these strict guidelines are in place to ensure lenders extract the specific information they need from the appraisal. After all, different lenders may have varying criteria, and an appraisal tailored for one might not fit the bill for another. Hence, appraisers prefer to keep tabs on where their report ends up. 📊

However, here's a little trick: If you're unsure which lender will handle your mortgage application, you can communicate to the appraiser the "type" of lender you're leaning toward. They can then tailor the report to match that lender's criteria, eliminating any last-minute surprises. 🎉

But why are lenders so guarded about these appraisal reports? Well, it might all boil down to maintaining a competitive edge. 📈

Keith Lancastle, interim CEO at the Appraisal Institute of Canada, speculates that lenders may not want others to gain access to the report and potentially explore alternative options. 💼

So, there you have it! The practice of homeowners requesting appraisals has become a norm in the mortgage industry, and it seems to be here to stay. 🏠💰

Have you ever encountered the appraisal enigma? Share your thoughts with us in the comments! And don't forget to delve into the full article in Canadian Mortgage Trends for all the juicy details. #HomeAppraisal #BestMortgageRates #BestMortgageBroker #CanadianMortgages #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #PortMoodyMortgageBroker #NewWestminsterMortgageBroker #SurreyMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #VernonMortgageBroker #VictoriaMortgageBroker #VancouverIslandMortgageBroker #BestMortgageRates #BestMortgageBroker 🏡🍁