Are you being relocated?
Many Houstonians are. And many of their employers offer relocation benefits packages. Those packages typically include an employee home purchase program. We are knowledgeable of and sensitive to, the special needs associated with a corporate relocation. We will work within your busy schedule and get your relocation appraisal done quickly and accurately, so you can spend your time with the many other important things that need to be taken care of during this busy time in your life.
An “ERC” appraisal is structurally different from a typical mortgage loan appraisal. The purpose of the mortgage loan appraisal is to evaluate the collateral that is the basis for a mortgage loan. The appraised value is, as of the day the property was visited by the appraiser.
The purpose of an ERC appraisal is to develop an opinion of the “Anticipated Sales Price” of a relocating employee residence. This is an estimate of the most probable sales price as of a projected date in the future. This projected date is associated with normal marketing time for the neighborhood and property type.
Appraisers who regularly perform ERC appraisals are generally the most qualified appraisers. Many mortgage lenders will utilize the services of an appraiser with as little as one year of experience. Most appraisers approved to do ERC appraisals have at least ten years of appraisal experience, if not twenty-five years.
How do I pick an appraiser for my relocation appraisal?
Generally, your Human Resource department will have contracted with a company that specializes in relocating corporate transferees. These companies have years of experience hiring and qualifying appraisers for this highly specialized category of real estate appraisal. Contact them for a list of appraisers who have proven to be both knowledgeable in your real estate market and have excellent standards of customer service.
Look for additional designations. Being a state certified appraiser is the lowest qualification one should accept. A state certification denotes minimum competency and is therefore of little use in selecting an appraiser. The most highly regarded designation for residential appraisals is the SRA, which is conferred by the Appraisal Institute. You might find out if the appraiser is a member of the Employee Relocation Council.