Services
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Employee Relocation Council (ERC) Residential Appraisal Report
The "ERC" Residential Appraisal Report is utilized by appraisers in order to
estimate the sale price of an employee's primary residence. The intended use of the
relocation appraisal is also used to assist an employer (either directly or through the
use of a third party relocation management firm) in facilitating the employee relocation
process while addressing the reluctance to relocate and easing stress as well as
maintaining employee productivity. |
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Pre-Purchase Consultation
The goal of destination or pre-purchase consulting is to provide the transferee/purchaser
with the tools and information necessary to make a well informed home buying decision.
This service is a recognition of the fact that the relocating employee is often at a
disadvantage in an unfamiliar marketplace and is designed to empower the employee in the
home buying process. |
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Mortgage Loan Appraisals
The Form 1004, "Uniform Residential Appraisal Report" is the most commonly used
real estate appraisal form (the mortgage appraisal). It is designed for single-family and
owner occupied two family homes (though not for lending purposes), including those with
ancillary apartments or in-law units. It is extensively used by lenders and other
investors for purchase and refinancing purposes. It is also used for formal tax appeals,
condemnation, contested matrimonial suits and any situation involving a single family
dwelling or owner occupied two family dwelling in which court testimony is anticipated. In
addition, this report format is typically required of the borrower who has requested
cancellation of mortgage insurance premiums from their lending institution. |
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Individual Condo
The Form 1073, "Individual Condominium Unit Appraisal Report" is designed for
individual condominium units. It is extensively used by lenders and other investors for
purchase and refinancing purposes. |
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Short Form
The short form, "Limited Residential Appraisal and Summary Report" is widely
accepted for use where the more lengthy FNMA 1004 Report is not necessary. It can be
utilized to establish fair market value for sellers and/or purchasers, for uncontested
property settlement (matrimonial), estate or financial planning and gift tax purposes.
This format is available for use on one to four family dwellings, individual condominium
units and vacant residential land (single lots). In addition, this report format has
become increasingly relied upon by financial institutions making second mortgage or home
equity loans. |
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