Beginning the relocation process? What can you expect? If you're a transferee, it will be comforting to know that Paul Piekos has the education and experience to determine an accurate Anticipated Sales Price for your property. I am the appraiser that will perform the appraisal on your home from my firm. I am a 2022 member of the Worldwide Employee Relocation Council, and am currently listed on page 29 in the 2019 ERC directory (the latest published). I am one of the first relocation appraisers to have successfully completed the Worldwide ERC's Relocation Appraisal Training Program for the new 2010 form. Click here to see my certificate. I have also attended the Worldwide ERC Relocation Appraising seminar provided by the Appraisal Institute. This page is especially designed for transferees who are just starting the relocation process, and I will try to educate you on just what I, as the relocation appraiser, will do for you. The more you know about my job and the appraisal process, the more familiar you will become with the process and know what to expect; and the better it will make you feel when you have the appraiser go through your home.
First, you will either be presented with a list of appraisers provided by the relocation company, or you will have to rely on the expertise of the company to choose your appraisers. The appraisers on the list have been pre-qualified for their knowledge of your local market and their expertise in the relocation process. If you are included in the process, they will let you choose from two appraisers on the list to perform the two appraisals on your home. You will be given phone numbers and urged to contact the appraisers to interview them.
Click here to view an ERC demonstration report, which shows an example of what your appraisal report would look like.
The relocation company wants two appraisals so they can get two individual opinions on how much your house is worth. In addition, they may send out a real estate agent to give their opinion. If, for some reason, the two appraisals are more than 5% apart on the value, they will then request a third appraisal be done to get another opinion.
When you interview the appraiser, ask them if they're familiar with your neighborhood, and how the local market has been recently. These factors are presented early in the written appraisal report. Ask about their experience, and what kind of service they'll provide. After all, you're not paying for the appraisal, but you're entitled to good and courteous service.
When you make your choice of appraisers, the relocation company will then give the appraiser(s) the assignment and the appraiser(s) will than contact you to set up an appointment to view your home. Every appraiser works differently. Personally, I will ask a lot of questions. The more information I initially know about your home, the better I will be prepared to do the appraisal. Most questions will be about the physical characteristics of the property: how old the home is, how many bedrooms, how many baths, do you have a basement, is it finished, etc... I also find that it is helpful to me if you can provide me with a list of recent improvements that you have done to the home since you've lived there.
When I arrive at your home, what I will be doing is gathering information about the property. I will take a lot of pictures, both inside and out. The people back at the relocation company want to see what the house looks like. This is when you want your house looking its' best. If you've been thinking about redecorating or repainting, have it done before I arrive. I'll wait for you to do it. I will then measure your house for its' size. Square footage is a major factor of value, and usually takes up most of the time that I will spend at your house. I then take a tour, or walk-through, of the house. I write down the significant features of each room, such as... kitchen with center island and planning desk, sunken Family Room with fireplace, luxury Master Bath, etc. After the tour is the time I may ask some questions pertaining to the home that I haven't already discovered in my walk-though. Some questions might be: What appliances are staying with the house? What improvements have been made in the past few years?
The last question I ask may or may not impact the way I appraise your home after I leave. To include you in the process, the relocation company asks me to ask you if there are any homes that have sold recently or on the market now that you would like me to compare your house to. I find that a transferee who has had a listing presentation or a competitive market analysis (CMA) done by a local real estate agent is the best informed in this step of the process. If there is any comparable information that you want to give me, make a copy of the CMA and hand it to me while I'm at your house. If the information is relevant to your property and to your advantage, I will certainly include it in the report. If, for some reason, I find that the information provided is not the best or most relevant, I will at least write and explain why it was not used in the report. I cannot express enough that this step is probably the biggest opportunity that you are given by the relo company to state your case pertaining to valuating your property. Take advantage of it!
When I leave your home is when I begin the valuation process. I look for at least three recent sales of similar homes in your neighborhood that have sold in the past six months (the market is constantly changing), and three listings that are currently on the market (your competition). See why that previous tip is so important? The report is then written up and sent back to the relocation company, who waits for all the reports to come back, so they can review them all before they present you an offer.
Why should you use Piekos Appraisals?
You will be treated with courtesy and with understanding. The relocation process can be a very trying time. I have the experience to help put you at ease.
I will take the time to answer all of your questions completely.
Time is of the essence. I work quickly. Your appraisal is usually done the same day as the inspection.
Mortgage appraisal versus relocation appraisal. What's the difference?
Facilitate Mortgage Lending
Facilitate Corporate Relocation
Estimate Market Value
Estimate Anticipated Sales Price
Exposure Time Precedes Date of Appraisal
Anticipated Sales Price:
Marketing Time Occurs After Date of Appraisal
(up to 30 years)
(up to 120 days)
Uniform Residential Appraisal Report
E-R-C Residential Appraisal Report
Expanded Analysis of Market Data
Identifies Category for "Design" and "Appeal"
Emphasizes "Appeal" and "Decor" as Critical Items for Consideration
Financing: Cash Equivalency
No Adjustments for Normal Seller Costs
Financing: Cash Equivalency
Adjustments for Sales and Financing Concessions
Normal Marketing Time
Reasonable Marketing Time
(not to exceed 120 days)
Requires Closed Sales
Requires Closed Sales And Competing Properties And Considers Pending Sales
Remember to ask for Piekos Appraisals to do your relocation appraisal!
Paul J. Piekos SRA
Page 29 in the 2019 ERC Directory
Phone: (630) 357-4647