Houses that have returned to the financial institution’s holding and homes in foreclosure present various appraisal difficulties.
It’s important to recognize the meanings of “market value” and a “quick disposition” assessment to know your potential write-down liability when dealing with a house in foreclosure. Appraisal Keys, Inc has the experience in both producing snapshots of market value for our mortgage lending clients, as well as “quick sale” forecasts that respect your time constraints.
Occupants of properties in foreclosure could be disinclined to allow an inspection of the house, thus presenting specific challenges. If they deserted the property already, they may have overlooked the care of the home for quite awhile – or unfortunately, caused damage to the house.
For a house that has already changed to bank owned, you probably will want to get rid of it quickly. Regardless, you’ll still want to consider three angles for figuring the value of the asset (or in some cases, liability):
- As Repaired. Value with the repairs needed to make the house marketable at full market value – comparable with other houses in the neighborhood
- As-is. The market value of the home without any work done to it
- Quick sale. Somewhere in the middle, with minimal investment in repairs – to get rid of the home quickly, likely to someone who’d rather finish the job themselves
Again, we understand your timeline and the unique circumstances of an REO house, as well as the special information you’ll need – competing listings, market trends, and so forth. You can count on Appraisal Keys, Inc to handle the task of your bank owned property professionally and efficiently. Contact us today.