Showing posts from July, 2016

5 Ways Relocation Appraisals are Different Than Mortgage Appraisals

You just had an appraisal performed on your home for a refinance and now your company is transferring you to another state.  Why do you need another appraisal?  Do you know the difference between a Relocation Appraisal and a Mortgage Appraisal?  At the DW Slater Company we perform both types of appraisals but we find that not everyone knows the difference between the two.

1.Intended Use
Relocation Appraisal -The intended use is to assist an employer with the transfer of an employee Mortgage Appraisal - The intended use is to assist a lending institution in evaluating risk associated with a loan
The appraisal that you had performed for your refinance has a completely different intended use.  It was for your lending institution for collateral risk evaluation.  The relocation appraisal is for your employer to assist with the selling of your home for the transfer.

2. Report Format
Relocation Appraisal -The relocation appraisal is reported on the ERC Summary Appraisal Report form which is a …