Relocation Appraisals
Relocation Appraisals are a completely different discipline
Like the subtle but important differences in tax appraisals, relocation appraisals have their own language, and specific purposes. A relocation appraisal is less concerned with what has happened in the past and more concerned with the future.
More than just market analysis
Trend analysis is typically lacking in a mortgage finance appraisal. The purpose is to develop a "market value" for a typical buyer, but often with the assistance of a signed contract in hand.
In relocation appraisal, much more emphasis must be placed on the micro-economy of the area to develop an opinion of anticipated sales price. Signed contracts are a luxury a relocation appraiser does not have - real analysis must be performed in order to accurately forecast a reasonable sales price within a reasonable marketing time.
Typical research and verification methods are not enough
In order to develop the most accurate opinion of anticipated sales price, the appraiser must do far more to verify information than is required of the typical mortgage transaction. While Fannie Mae and Freddie Mac may not require adjustment for typical seller costs, concessions reporting is critically important in relocation appraisals. Every dollar counts.
Contact Us to discuss the market area your subject is located in, the trends, and the local economy.