Homes that have returned to the institution's control and properties in foreclosure present specific appraisal challenges.
You should differentiate the meanings of "market value" and a "quick disposition" assessment to evaluate your possible charge-off liability
when dealing with a house in foreclosure. At Priority Appraisal we have the knowledge in both presenting snapshots of market value for our
mortgage clients, as well as "quick sale" forecasts that understand your pressing needs.
Priority Appraisal has the qualifications to deal with the particular dynamics of a foreclosure appraisal.
Occupants of houses in foreclosure could be uncooperative to allowing an inspection of the house, thus presenting special challenges. Sometimes
the houses have been ransacked, unfortunately at the hands of the former residents. Or, it's likely you'll discover a house at a minimum
abandoned or the home languishing in disrepair for long periods of time.
For a house that has reverted to REO, you probably will be going for a quick resolution. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):
- • As Repaired. Possible market value with the work due to make the home marketable at full market value - appropriate with other houses in the area
- • As-is. The value of the home without any repairs performed
- • Quick sale. Somewhere in the middle, with minor investment in repairs - to get rid of the home quickly, possibly as a "fixer-upper"
Again, we understand your urgency and the unique circumstances of a bank owned property, in addition to the special information you will
need - competing listings, market trends, and the like. You can count on Priority Appraisal to handle the task of your bank owned property
with expertise and professionalism. Contact us today.