Originally Posted by
BOYCAPTAIN
after the appraisals come on the comps there seems to be a stipulation on being able to sell the house in a certain time frame...90 days for example...then they look at comp homes that sold in that specific timeframe and base the appraisal on that...depending on where u live this could be awful in this market...probably comped with short sales and forclosures...it is not a good deal in this market....if u r going to use the third party program do some research on the stipulations....it is not spelled out in the contract!
I've been thru the Option 1 move process. The relocation company will supply you a list of approved appraisers in your area. You pick the two you want and they come out and do a "relocation inspection." If the prices come back within 5% of each other they average the two and that is your buyout offer. If they aren't within 5% they involve a third appraisal. There is no timeframe you have to list your house. You can take the buyout from day 1.
I posted this on an earlier thread, but FedEx easily has over $100,000 invested in my move alone when you figure the $50,000 loss + real estate commisions they are going to take on the sale of my house (they cashed me out and promptly dropped the price of my house $20,000 less than they paid me - it still hasn't sold btw and it's been lowered again). I did the Option 1 move in August before things really went south.