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| Relocation |
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Congratulations! You've accepted a job in a new town and your employer and/or
relocation management coordinator are working to help you make a smooth transition
by expediting the sale of your personal residence. Competitively pricing your home
in the current market maximizes your chances for a prompt sale so you can
wholeheartedly establish yourself in your new community. An ERC relocation appraisal is a special assignment indeed and requires the greatest degree of accuracy in residential appraising. It should only be undertaken by the most experienced and skilled appraisers who have access to exhaustive data in the subject's market area. It requires a greater degree of analysis than traditional mortgage appraisals because of the consideration of sold property data, competing and pending listings, and an analysis of trends in the marketplace. The purpose of the relocation appraisal is to estimate the "anticipated sales price" of the subject property, a future value based on the estimated time necessary to sell the property. When evaluating the property, the appraiser must give special consideration to the potential buyer's perspective in considering condition, decor and competing properties on the market. The appraiser applies forecasting adjustments to quantify future trends in value. The relocation appraiser is bound by the instructions given by the relocation management firm and that may include restrictions on marketing time and the condition of the property. Marketing time depends on conditions in your community but is typically defined as up to 120 days unless otherwise indicated. Your expected occupancy period may be compared to normal market times in anticipation of the home becoming vacant because buyers tend to have higher expectations regarding condition and decor when the residence is not owner occupied. The final value estimate should be valid during normal marketing time, assuming there are no market changes. Getting Ready for Your Relocation Appraisal Documentation. The appraiser can begin market research sooner with a copy of your location survey, title policy describing any encroachments or unusual easements, deed (full legal description), last tax bill (any assessments?), and mortage (showing type, terms and whether or not it can be assumed). Other helpful items: off season landscape photos, a list of features and upgrades, when they were installed and their cost, a list of any personal property that will be included in the sale (above ground pool, hot tub etc.), and a list of recent listings and sales in your area that can be verified by the appraiser. At Hottle & Co. we use multiple data services to cross-check and verify all data. Providing a list of listings and sales to the appraiser helps insure that nothing pertinent is overlooked in the evaluation of your home. Prep the house. Clean up, clear out. What you can do depends on how much time you have. If your move is immediate, be sure that the home is clean and clutter free. Bright, clean, spacious rooms show better. If you have more time, windows should be washed inside and out, carpets cleaned and landscaping manicured. Decorating. Strong colors and bold wallcoverings should be neutralized. Off-white works best but be careful not to paint over wallpaper or natural varnished woodwork. Timing. A thorough relocation appraisal appointment should last about one hour based on the typical size residence and the level of detail required. Most relocation assignments require indoor as well as outdoor photography to document the size, utility and condition of each feature in the home, including basement and garage. We use digital photography and multiple views of each room to make sure that your home's special features are recorded. Choosing a Relocation Appraiser Accuracy. At Hottle & Co. we strive to maintain our accuracy in the 2-3% range. Readiness. We are ready to view your home at your convenience and complete the assignment within the time frame requested by you and your relocation coordinator. Timeliness. Our reports are completely digital, including photographs, maps and signatures so your report may be instantaneously transmitted to its destination in a secure electronic format. Experience. Over forty (40) years combined real estate experience at Hottle & Co. ERC member. |
All information deemed reliable but not guaranteed. Information provider(s) shall not be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Site designed and maintained by Delta Media Group. Information on this site was last updated 07/13/2004