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  #1  
Old 07-29-2004, 01:32 PM
Joe-NC Joe-NC is offline
 
Join Date: Feb 2002
State: North Carolina
Professional Status: Certified Residential Appraiser
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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?
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Old 07-29-2004, 02:12 PM
Em Tee Em Tee is offline
 
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Location: Bay Area, California
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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  
Old 07-29-2004, 03:46 PM
Walter Kirk Walter Kirk is offline
 
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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  
Old 07-29-2004, 06:32 PM
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Otis Key Otis Key is offline
 
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Location: Mile High
State: New Mexico
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Quote:
Originally posted by Walter Kirk@Jul 29 2004, 03:46 PM
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.
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.
  #5  
Old 07-29-2004, 09:50 PM
Restrain Restrain is offline
 
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Location: Port Charlotte, FL
State: Florida
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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  
Old 07-29-2004, 10:39 PM
Larry Lyke Larry Lyke is offline
 
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Location: Twin Cities, MN

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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  
Old 07-30-2004, 12:28 PM
Joe-NC Joe-NC is offline
 
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Sounds like the REOs I've been doing. Could it be that they actually want to know MY opinion of value?!!

Quote:
they actually do read the appraisal report
Wow, how refreshing!

Thanks guys.
  #8  
Old 07-30-2004, 12:42 PM
Wendy Wendy is offline
 
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Location: Volusia/Flagler
State: Florida
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It's Friday & my brain is already at happy hour. So, please help the clueless.

ERC means what?


Thanks!
  #9  
Old 07-30-2004, 01:21 PM
Joe-NC Joe-NC is offline
 
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  #10  
Old 07-30-2004, 04:29 PM
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Otis Key Otis Key is offline
 
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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.
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