Real Estate

CIBC approved Appraisers

  • Last Updated:
  • Sep 2nd, 2015 8:32 am
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[OP]
Newbie
Mar 3, 2014
48 posts
68 upvotes
Toronto

CIBC approved Appraisers

Hello All,
Does anyone have idea, how to get CIBC appraiser list?
I searched on google, but din't get anything.
10 replies
Deal Expert
Aug 2, 2001
16622 posts
6883 upvotes
When I got my secured line of credit I asked the lending institution for a list of appraisers that they accept. I would recommend you do the same, that way your appraisal will be accepted without question. This seems much safer than trying to randomly google a list that may not be up to date.
[OP]
Newbie
Mar 3, 2014
48 posts
68 upvotes
Toronto
Thanks for your response Trevork, I am asking because I have mortgage renewal and I am trying to get deal from 2 institution, from which one is CIBC.
So was trying to get appraiser who is on list of both institutions, so I don't have to spend for 2 different appraisals.
Deal Expert
Aug 2, 2001
16622 posts
6883 upvotes
triumpher wrote: Thanks for your response Trevork, I am asking because I have mortgage renewal and I am trying to get deal from 2 institution, from which one is CIBC.
So was trying to get appraiser who is on list of both institutions, so I don't have to spend for 2 different appraisals.
I would still talk to each institution and get their list of appraisers. You do not want to trust some random person on the internet when it should be relatively easy to call each bank and get their listing. It is not proprietary information or anything so they should be more than happy to share it.

Silly question - but why get the appraisal before the mortgage? I have only ever had a secured line of credit so my experience may be different, but if you are looking to hire a single appraiser (to serve either bank) then it's not like one will realistically lend you more since they both use the same appraised value.
Member
Nov 24, 2007
479 posts
42 upvotes
CIBC told us that the laws changed a few years ago and now only they can hire the appraisers when it comes to a mortgage.
Deal Addict
Feb 4, 2008
3134 posts
177 upvotes
RJones89 wrote: CIBC told us that the laws changed a few years ago and now only they can hire the appraisers when it comes to a mortgage.
No a big fan of banks lying to their customers which this is. Perhaps their internal policy changed so why not just say that.
www.mortgagecalculatortoolkit.com

Do your mortgage math correctly!
[OP]
Newbie
Mar 3, 2014
48 posts
68 upvotes
Toronto
TrevorK wrote: I would still talk to each institution and get their list of appraisers. You do not want to trust some random person on the internet when it should be relatively easy to call each bank and get their listing. It is not proprietary information or anything so they should be more than happy to share it.

Silly question - but why get the appraisal before the mortgage? I have only ever had a secured line of credit so my experience may be different, but if you are looking to hire a single appraiser (to serve either bank) then it's not like one will realistically lend you more since they both use the same appraised value.
I have another bank's approval already, I will be getting an approval from CIBC shortly. With the other bank there are couple of conditions which I don't like, however, the approval is dying in couple of days, so I have to go ahead with them and get the appraisal done. So I was thinking that If I get done the appraisal that works for CIBC too.

Silly Question from me too - I heard from someone that main banks ( CIBC, BMO, Scotia etc) do appraisal from their side and they don't charge to us. Is that true ?
Penalty Box
Dec 27, 2013
8003 posts
3988 upvotes
Toronto
Incorrect.

The banks will not accept appraisal from other banks. Each bank has it's own lending criteria.. An appraisal that works for CIBC will not work for TD or Scotia, or RBC.
Deal Addict
Jul 11, 2010
1159 posts
229 upvotes
Toronto
triumpher wrote: I have another bank's approval already, I will be getting an approval from CIBC shortly. With the other bank there are couple of conditions which I don't like, however, the approval is dying in couple of days, so I have to go ahead with them and get the appraisal done. So I was thinking that If I get done the appraisal that works for CIBC too.

Silly Question from me too - I heard from someone that main banks ( CIBC, BMO, Scotia etc) do appraisal from their side and they don't charge to us. Is that true ?
CIBC and BMO do not use mortgage brokers so it is hard to say what there procedures are. Generally the lenders are looking for appraisers to be designated after completing the appraisal course. Banks such as National and Scotia have the mortgage broker order the appraisal from a specified appraisal company. Others like TD order the appraisal themselves. On a purchase or refinance the client usually pays for it upfront. Sometimes the mortgage brokerage may reimbursed the client or the bank has a special plan to pay for all or part of it. On a transfer the lender will pay for it.
Doug Boswell
intelliMortgage Inc. Brokerage #12326
FSCO #MO09002332
Deal Addict
Apr 13, 2006
1104 posts
132 upvotes
Mississauga
Doesn't matter if you even had the same appraiser that works for both banks go out to you. CIBC will still hire another one and send them out, even if its the same individual.
Newbie
Jul 10, 2019
1 posts
I required a market rent appraisal and the appraiser did not enter the primise. I guess he did a drive in appraisal for bank mortgage requirement.

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