How Are ERC, Employee Relocation Appraisals, Different?
An “ERC” appraisal is prepared differently than a typical appraisal. The purpose of a typical appraisal is to evaluate the property and estimate a value 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’s residence as of a projected date in the future. When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. How Do I Know I am Getting an Accurate Appraisal? Most relocation companies utilize two appraisers for each property. The use of two appraisers insures a high degree of accuracy. If there are two appraisals, the value conclusions should be within 5% of each other. In very rare cases, the two value conclusions may differ by more than five percent. This can happen when the
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