Relocation appraisals are another kind of appraisals that differ from usual mortgage appraisals. Here, the focus is on coming up with an"anticipated sales price" instead of a"fair market value" for your home. A 'relo' entails finding a probable value for the property in question typically within a marketing period of 90 days, usually not exceeding 180 days. Often times the entity (new employer in this case) that orders this value, sets its own marketing period and this can cause fair amount of differences in the final value of the property.
Several factors are considered while trying to forecast a likely value for a property such as recent closed sales, competing listings and pending sales in the area; dynamics of the neighborhood at the time of relocation and forecasts of future housing market conditions.
The appraisers at PahRoo are experienced in these valuations and are aware of the different ERC formats required for a 'relo' appraisal as opposed to a typical mortgage appraisal. PahRoo would be delighted to work with you on any of your appraisal needs.
What's the difference between a mortgage appraisal and a relocation appraisal?
