Properties that have gone back to the institution’s possession and properties in foreclosure create specific appraisal problems.
For a property in foreclosure, you would be wise to know the difference between market price and a “quick disposition” to know your probable charge-off liability. Home Appraisals, Inc. has the background in both producing snapshots of market value for our mortgage lending clients, in addition to “quick sale” forecasts that respect your urgency.
You’ll be interested in an expeditious disposition if the property has already changed to REO. So you need to know about and examine three values: “as-is”, “as repaired”, and “quick sale”. These correspond to:
- The value of the property without any repairs done to it
- Possible value with the repairs needed to make the house marketable at full market value – consistent with similar properties in the area
- With minimal investment in repairs – to sell the property quickly, seemingly to someone inclined to finish the job themselves
Again, we understand your urgency and the specific circumstances of a bank owned property, in addition to the specific information you will need – competing listings, market trends, and so forth. You can count on Home Appraisals, Inc. to handle the appraisal of your REO with expertise and professionalism. Contact us today.
