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Erc Appraisal

Discussion in 'Urgent - Help Needed' started by Joe-NC, Jul 29, 2004.

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  1. Joe-NC

    Joe-NC Junior Member

    0
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I've gotten a request to do an ERC on the ERC summary appraisal report form. Its been a long time since I've done one of these. The form that I have in my software, the one I'm familiar with, is 6 pages long and was revised in 1994.

    Does anyone know if there are newer forms and where I might find them on the internet?

    I seem to remember someone on here saying that there is an online course available to become certified with the ERC. Is that required, or just a good idea?

    Also, what is your fee for these compared with a typical 1004... the same ...25% more ...50% more?
     
  2. Em Tee

    Em Tee Senior Member

    0
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There's a 2003 form. Check with your software provider to see if they have this latest form.

    The clients we've done them for haven't required any certification, but you definitely have to know what you're doing.

    We charge about 50% more than a URAR.
     
  3. Walter Kirk

    Walter Kirk Senior Member

    14
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Your software provider can provide the form. You don't have to take the course to prepare the appraisal. I charge the same fee for the ERC form that I charge for the 1 to 4 family form.
     
  4. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Ditto on the software provider, but you need to continue to pay for the update contract. Walter - I charge even more than the 2-4 because they ask & I tell them a higher fee - each and every time. :cool: :cool: :cool:
     
  5. Restrain

    Restrain Elite Member

    20
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Plenty of photos, and look real hard at the competing listings. Also watch the marketing time. Often it's much lower than the typical marketing time, for example, 90 days to CLOSING, which may be an issue in your market.
     
  6. Larry Lyke

    Larry Lyke Senior Member

    0
    Feb 2, 2002
    Joe --

    Yes, an important thing to know is they actually do read the appraisal report.

    Often with a magnifying glass.

    If you want more of their business, pay attention to all the jots and tittles.

    L- in MN
     
  7. Joe-NC

    Joe-NC Junior Member

    0
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Sounds like the REOs I've been doing. Could it be that they actually want to know MY opinion of value?!! :clapping:

    Wow, how refreshing! :cool:

    Thanks guys.
     
  8. Wendy

    Wendy Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    It's Friday & my brain is already at happy hour. So, please help the clueless.

    ERC means what?


    Thanks! :beer:
     
  9. Joe-NC

    Joe-NC Junior Member

    0
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Employee Relocation Council ;)
     
  10. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Joe - I don't know what your market is like but remember you are projecting out what the property will sell for in a specific period of time exposure at a future date - very near future date. NIT PICK everything. You're taking interior photos make sure, like usual, there are NO family pictures in your shots. Something bad - take two or three pics for a clear view. You're not estimating market value you are estimating an "anticipated sale price". If you do a forecast adjustment, then it has to be the same across the board.

    Good luck & have a great weekend. :peace:
     
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