The Erc Broker Market Analysis form is a valuable tool for real estate brokers. It helps them assess a property's condition, competition, and potential marketability to estimate its Most Likely Sales Price. This form is not an appraisal or a home inspection, but it offers essential insights for making informed decisions in the real estate market.
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The Worldwide ERC® Broker’s Market Analysis and Strategy Report serves as a crucial tool for real estate brokers seeking to assess the market viability of a property. This comprehensive form guides brokers through a meticulous evaluation process, focusing on the property’s current condition, competitive landscape, and future marketability. It is essential to clarify that this analysis is not an appraisal or a home inspection; instead, it provides a comparative market analysis aimed at estimating the Most Likely Sales Price (MLSP) based on the property’s “as is” condition and a specified marketing timeframe. Brokers must adhere to state-specific disclosure requirements while filling out the form, ensuring all necessary information is accurately reported. The document includes sections for detailed property descriptions, neighborhood characteristics, and potential financing options. Additionally, it prompts brokers to identify any factors that may influence insurability and marketability, from physical condition to local economic trends. By synthesizing this information, brokers can offer informed recommendations and strategies to clients, ultimately facilitating a smoother transaction process.
The ERC Broker Market Analysis form is a crucial document for real estate brokers, aiding them in evaluating a property's condition and market potential. Alongside this form, several other documents are often utilized to provide a comprehensive view of the real estate market and facilitate informed decision-making. Below is a list of related forms and documents that complement the ERC Broker Market Analysis.
Each of these documents plays a significant role in the real estate transaction process. By utilizing them in conjunction with the ERC Broker Market Analysis form, brokers can offer a thorough and informed perspective to their clients, ultimately aiding in successful property transactions.
Worldwide ERC® Broker’s Market Analysis and Strategy Report
Purpose: This report is designed to enable the real estate broker to conduct a diligent analysis of the subject property’s condition, competition, and future marketability. Based on this analysis, the broker is to estimate the subject property’s Most Likely Sales Price.
This is not a home inspection. Nor is this an appraisal; this comparative market analysis has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. It is not to be construed as an appraisal and may not be used as such for any purpose. Preparers of this form need to be aware of any state-specific disclosure requirements and include them in this form as appropriate.
Procedural Guidelines: For procedures on contacting homeowner, inspecting property, submitting report, and providing photos, follow the requesting company’s guidelines. The Most Likely Sales Price (MLSP) is based on “as is” condition and a marketing time not to exceed 120 days to a contract of sale or as directed by the client.
INFORMATION
File #:
Homeowner(s):
Property Address:
Home Phone #:
City, State, Zip:
Work Phone #:
BMA Requested by (Co. & Contact):
e-mail:
Requesting Co. Address:
Phone #:
Fax #:
ASSIGNMENT
Real Estate Firm:
Contact Name:
Real Estate Firm Address:
Agent Preparer:
Homeowner’s purchase price: $
Date purchased:
Improvements made by homeowner if any:
Is the subject currently listed?
□ Yes
□ No
Listing Company/Agent:
Form of Ownership:
□ Fee Simple
□ Leasehold
Occupant:
□ Homeowner
□ Tenant
□ Vacant
Type: □ Condo
Coop
PUD
Single Family
Mixed Use
Town House
Modular
Mobile Home
SUBJECT
□ Other:
Indicate any personal property that remains (e.g., refrigerator, range, etc):
Subject’s location type:
□ Urban
□ Suburban
□ Distant suburban
□ Rural
□ Farm
□ Resort
Lot Characteristics: positive/negative (explain):
Subject’s view: positive/negative (explain):
Locational issues OF WHICH you are aware that may affect the insurability of the property:
LOCATION
Site Characteristics of which you are aware (check all that apply):
□ Private Street Access
□ Private Street Maintenance
□ Gated
□ Alley
□ Easements/Encroachments
□ Sidewalk
□ Curbs/Gutters
□ Street Lighting
□ Paved Street Surface
□ Paved Driveway Surface
Miscellaneous of which you are aware (check all that apply):
□ Maintenance issues with neighboring properties
□ Excess acreage or land
□ Mobile homes/trailer park nearby
□ Subject located on or near designated environmental sites
□ Location next to agricultural area
□ Close proximity to hospital/firehouse, etc.
□ Neighborhood has restrictive covenants
□ Subject located near railroad tracks
□ Audible street or highway noise present
□ Located on or backs up to busy/main street
□ Location in flood plain
□ Location in earthquake zone
□ Location next to school or public park
□ Property located on corner lot
□ Access to subject property
□ Location near/in view of power lines/water towers/ radio towers
□ Location next to industrial area
□ Located on airport flight path
□ Additional Comments:
Check all other items of which you are aware that may affect the marketability or value of the subject property and comment below:
□ Style of home not typical for the area
□ Subject is over improved
□ Subject is under improved
MISCELLANEOUS
□ Inadequate parking
□ Functional obsolescence
□ Steep driveway
□ Proposed land use change
□ Little sales activity in area or price range
□ Estimated time to sell is more than 120 days
□ Proposed or pending assessments
□ Property taxes not typical for area
□ HOA has first right of refusal
□ HOA does not allow “for sale” signs on property
□ HOA fees not typical for the area
□ Other
Comments:
Copyright © 2008 by Worldwide ERC®
Rev. 01/07/2009
This Form Expires 12/31/2009
Page 1 of 6
SUBJECT CONDITION
INSPECTIONS/DISCLOSURES
Property Condition
For all the following of which you are aware or observe in viewing the property, check the appropriate box(es) and describe:
□Décor of home is personalized or dated:
□Incomplete construction:
□Evidence of past or present water damage:
□Cracks or stains on walls, floors, or ceilings:
□Oil tank (abandoned):
□Oil tank (in use):
□Underground storage tank (abandoned):
□Underground storage tank (in use):
□Synthetic stucco:
□Suspected structural problems:
□Evidence of odor:
□Evidence of pet damage:
□Evidence of deferred maintenance: Additional Comments:
Recommended Repairs and Improvements
Interior Items
R&I Estimates
□ Paint
Estimated cost per item: $
Comment:
□ Flooring
□ Wall paper removal
□ Appliances
□ Cabinets
□ Light fixtures
□ Countertops
□ Bathroom fixtures
Total Estimated Cost for Interior Repairs
$
Exterior Items
□ Landscaping
□ Driveway/walkway
□ Porch/deck
□ Pool
□ Spa
Estimated cost per item :$
□ Gutters
□ Siding
□ Trim
□ Roof
□ Detached structures
□ Debris removal
□ Windows and screens
Total Estimated Cost for Exterior RepairS
List all required, customary and additionally recommended inspections (e.g., municipal, certificate of occupancy, environmental, etc.): Required:
Customary:
Additionally recommended for the subject property:
Subject property issues OF WHICH you are aware that may affect insurability of the subject property:
List all required disclosures:
Page 2 of 6
Identify the most probable means of financing for the subject:
□ FHA
□ VA
□ Cash
□ Conventional mortgage—conforming or jumbo
Describe the terms of the financing type identified above:
Identify and describe any financing concessions that may be necessary to secure the sale of the subject property.
□ Points:
□ Closing Costs:
FINANCING
Do you anticipate any issues that may affect the ability to secure financing for the subject property (e.g., condition, zoning, environmental, HOA, etc.)?
□ Yes □ No
If yes, comment:
If the subject property is a common interest development (e.g., condo, townhouse, PUD), what is the ratio of owners to investors?
□ N/A
Owners:
%
Investors:
(total MUST equal 100%)
HOA Fees: $
How often are they paid?
□ Monthly
□ Quarterly
□ Semi-annually
□ Annually
Items included in HOA Fees: □ Trash Pick-up
□ Snow Removal
□ Exterior Building Maintenance
□ Security/Concierge Services
□ Insurance
□ Taxes
□ Amenities
□ Common Area Maintenance
WATER
SEWER
Are you aware of any special assessments covered by the HOA?
If yes, indicate the amount of assessment: $
Describe what the special assessment covers:
Subject Neighborhood (For purposes of this report, the subject neighborhood is defined by the preparer of this form. Identify what you regard as the
subject neighborhood and then use statistics that you have gathered which reflect that market area. Note: the neighborhood might be a MLS area, a
particular section of a town, a specific subdivision, or an entire community. This is described as the “micro area.”)
Subject neighborhood is defined as:
Price Range: $
to $
Property Values are: □ Increasing
% in past
months
□ Stable
Average Days-on-Market (list to contract)
days
□ Decreasing
(# of days)
Calculate the months supply of inventory (Absorption Rate):
Type of competing listings
New Homes
Resale
Number of active listings ÷
Avg. number of sales per month
=
Number of months needed
REO/Foreclosure
for the last 6 months
to sell existing inventory
Corporate
Total (MUST equal 100%)
100%
Describe all marketing concessions/incentives being offered to buyers and/or brokers on competing properties:
CONDITIONS
Recommend any marketing concessions/incentives that should be offered for the subject:
MARKET
Describe major corporation(s) in this neighborhood that are moving into, out of, or planning layoffs:
Describe current economic conditions (positive or negative) that may have an Effect on the marketability of the property:
Broader Market Area (For purposes of this report, the broader market area is defined as that area beyond the subject neighborhood in which buyers will
look for comparable properties. This is described as the “macro area.” In some instances, the broader market area will be the same as the subject’s
neighborhood. If this is the case, indicate it below.)
What do you consider the “broader market area” to be for this property?
Are there any specific issues in the broader market area which are not reflected in the specific neighborhood that might affect the sale of the subject property? Consider types of competing homes (e.g., new construction, REO’s); incentives or concessions that are occurring; economic conditions; a dramatically different price range than the subject; days on market; etc.
This Form Expire 12/31/2009
Page 3 of 6
COMPETING LISTINGS
ITEM
Competing Listing #1
Competing Listing #2
Competing Listing #3
Address, City
Current MLS #
Proximity to Subject
Original List Price
Current List Price
Seller Concessions
Last Price Change Date
Days-on-market (DOM)
from original list date
Previous listing history for last
Orig. List Price $
Last List Price $
Last List Price
12 months
DOM:
Style
□ Brick
□ Wood
□ Composite
□ Stone
Exterior Finish
□ Aluminum
□ Stucco
(Check all that apply)
□ Synthetic Stucco
□ Vinyl
□ Hardcoat Stucco
□ Slate
Roof Type
□ Tar
□ Tile
□ Wood shake
□ Tin
□ Asphalt shingle
□ Copper
□ None
□ Garage
# of Cars
□ Attached
Car Storage/Type
□ Detached
□ Built-in
□ Carport
Year Built
Lot Size
Appx. Gross Living Area
Sq. Ft
Above Grade Room Count
Tot
Brms.
Baths
Tot.
Basement
□ Partial
□ SLAB
□ Full
□ Crawl Space
WALK-OUT
Basement Finish
Attic (Check all that apply)
Attic Access
□ Walkup
□ Hatch
□ Pull down steps
Bonus Room
□ Barn
Detached Structures
□ Guest House
□ Studio
□ Pool House
□ Shed
Deck/Patio
Pool/Spa
Fireplace(s)
□ Public
□ Private
Water Supply
□ Community
□ Well
□ Septic
□ Sewer
Waste Disposal
□ Cesspool
Type of Air Conditioning
□ Central
□ Window/Wall
□ Heat Pump
□ Gas
□ Propane
□ Electric
Type of Heating System
□ Radiant
□ Oil
□ Wood stove
□ Solar
□ Base Board
□ Coal
□ Heat pump
□ Radiator
Location
□ Superior
□ Similar
□ Inferior
Lot Characteristics
View
Floor Plan Utility
Ext. Condition’s Appeal
Int. Condition’s Appeal
Overall Rating of Listings as
Compared to Subject
Listing #1: Date inspected:
Listing #2: Date inspected:
Listing #3: Date inspected:
Page 4 of 6
Instructions: Select sales within the last six months which are suitable and similar to the subject property and within the same/similar market area.
COMPARABLE SALES
Comparable Sale #1
Comparable Sale #2
Comparable Sale #3
MLS #
Final List Price
Sales Price
Under Contract Date
Closing Date
□Partial
Full
□ Window/Wall □ Heat Pump
Overall Rating of Sales as
Sales #1: Inspected? □ Yes
□ No Comments:
Sales #2: Inspected?
□Yes
Sales #3: Inspected?
Page 5 of 6
MOST LIKELY
BUYER(S)
MARKETING STRATEGY
VALUE
ANALYSIS
SIGNATURES
Check all that apply:
□ Local Buyer
□ Transferee
□ International Buyer
□ First-time Homebuyer
□ Second-home Buyer
□ Empty Nester
□ Military
□ Parent Purchaser for Child
□ Move-up Homebuyer
□ Investor
□ Dual-income
What are the three - five challenges to getting this property sold?
1.
2.
3.
4.
5.
What are the three - five actions necessary to address the challenges identified above?
What are the top five creative ideas you will use in marketing this property keeping in mind the challenges and actions identified above?
Additional Comments:
Most Likely Sales Price (MLSP): $
Suggested List Price (SLP): $
The MLSP is based on “as is” condition and a marketing time not to exceed
days to a contract of sale.
Real Estate Firm Tax ID #:
Date of Inspection:
Agent Preparer Name:
Contact Signature:
Agent Preparer Signature:
Page 6 of 6
Filling out the ERC Broker Market Analysis form is an important step in assessing a property's market conditions. This form requires detailed information about the subject property, its condition, and the surrounding market. After completing the form, it will be submitted to the requesting company for further analysis and evaluation.
The Comparative Market Analysis (CMA) is a document similar to the ERC Broker Market Analysis form. A CMA helps real estate agents assess the value of a property by comparing it to similar properties that have recently sold in the area. Like the ERC form, it considers factors such as location, size, and condition of the property. Both documents aim to provide an estimated value to assist in pricing a property for sale.
The Property Condition Disclosure Statement is another relevant document. This statement requires sellers to disclose known issues with a property that could affect its value or marketability. Similar to the ERC Broker Market Analysis, it emphasizes the importance of transparency regarding the property's condition. Both documents serve to inform potential buyers about factors that may influence their purchasing decision.
The Appraisal Report is a formal assessment conducted by a licensed appraiser. While the ERC form provides an estimate of the Most Likely Sales Price based on market analysis, an appraisal report offers a more comprehensive valuation based on detailed property inspections and comparisons. Both documents are essential in real estate transactions but differ in their level of detail and purpose.
When considering the purchase or sale of a vehicle, it is crucial to have the appropriate documentation in place, such as the Florida Motor Vehicle Bill of Sale. This form serves not only as proof of the transaction but also contains essential details about the vehicle being sold. For those looking to create or obtain a template for this document, resources like fastpdftemplates.com provide valuable assistance in ensuring all necessary information is captured and legally recognized.
The Listing Agreement is a contract between a property owner and a real estate agent. This document outlines the terms of the sale and the agent’s responsibilities. Similar to the ERC Broker Market Analysis, the Listing Agreement is focused on selling the property effectively. Both documents require a clear understanding of the property’s market position and strategy.
The Seller’s Net Sheet is another document that bears similarities to the ERC Broker Market Analysis. It provides sellers with an estimate of the proceeds they can expect from the sale after deducting costs such as commissions and closing fees. Both documents aim to give sellers a realistic view of their financial outcome from selling their property.
The Home Inspection Report, while more focused on the physical aspects of a property, shares a purpose with the ERC Broker Market Analysis in assessing property condition. Both documents highlight issues that could affect a property's value. However, the Home Inspection Report is more detailed in terms of structural and mechanical systems, while the ERC form provides a broader market analysis.
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The Arizona Transfer-on-Death Deed form is a legal document that allows property owners to transfer their real estate to designated beneficiaries upon their death, bypassing the probate process. This deed provides a straightforward way to ensure that assets are passed on according to the owner's wishes without the complications often associated with inheritance. For more information on how to properly execute this form, you can visit https://arizonapdfforms.com/transfer-on-death-deed/, which is crucial for anyone looking to streamline their estate planning in Arizona.
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Misconception 1: The Erc Broker Market Analysis form serves as a home inspection.
This form is not intended to assess the physical condition of a property in the same way a home inspection does. Instead, it focuses on analyzing the property’s marketability and competitive position. While it may note certain conditions, it does not provide a thorough examination of structural or safety issues.
Misconception 2: The analysis provides an official appraisal of the property.
Many people confuse the market analysis with an appraisal. However, the Erc Broker Market Analysis is a comparative market analysis and does not comply with the Uniform Standards of Professional Appraisal Practice. It should not be used as an official appraisal for any purpose.
Misconception 3: The Most Likely Sales Price (MLSP) is a guaranteed selling price.
The MLSP is an estimate based on current market conditions and the property’s “as is” state. It is not a fixed price and should be viewed as a guideline rather than a guarantee of what the property will sell for.
Misconception 4: The form can be used without considering state-specific disclosure requirements.
It is crucial for preparers of the form to be aware of and include any state-specific disclosure requirements. Failing to do so may lead to legal issues or misunderstandings regarding the property’s condition or marketability.