is experienced when it comes to bank owned properties in
Properties that have returned to the financial institution's possession and houses in foreclosure create unique appraisal problems.
For a home in foreclosure, you might need to understand the difference between the fair market and "quick disposition" value to know your potential charge-off liability. At , we have the training in both producing snapshots of fair market value for our mortgage lending and servicing clients, in addition to "quick sale" forecasts that understand your time constraints.
You need a company who has the training to work with the special dynamics of a foreclosure appraisal. Contact for a company you can rely on.
Owners of homes in foreclosure, of course, can present particular challenges. They may be opposed to allowing an inspection of the property. Sometimes the homes have been vandalized, unfortunately at the hands of the residents themselves. Or, it's likely you'll discover a house at least abandoned or the home neglected for extended periods of time.
For real estate that has returned to bank owned, you most likely will want to get rid of it quickly . But you might want to know and review three values: as-is, as repaired, and "quick sale." These correspond to the value of the property without any repairs done to it, with the repairs necessary to make the home marketable at full market value consistent with the other properties in the neighborhood, and, somewhere in between, with minor investment in repairs - selling the property quickly, probably as a "fixer-upper". Again, we understand your time line and the special situation of an REO home, as well as the special data you'll need -- competing listings, neighborhood trends, and so forth. You can bank on to handle the task of your bank owned property with expertise and professionalism. Contact us today.