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Foreclosure and Real Estate Owned Appraisals in Marion County
Properties that have reverted to the institution's possession and properties in foreclosure present various appraisal problems.
It's important to ascertain the meanings of "market value" and a "quick disposition" value to analyze what losses you stand to realize when dealing with a house in foreclosure.
At Perry & Associates, Inc, we have the knowledge in both supplying snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your pressing needs.
Specific challenges may be present when working with owners of houses in foreclosure. They could be opposed to allowing an inspection of the property.
If they moved out of the house already, they could have overlooked the care of the property for awhile - or even worse, ransacked the house.
For real estate that has already returned to REO, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for determining the value of the asset:- As Repaired. Possible market value with the repairs necessary to make the home marketable at full market value - commensurate with competing real estate in the neighborhood
- As-is. The value of the property without any repairs performed
- Quick sale. With minimal investment in repairs - to offload the property quickly, most likely as a "fixer-upper"
Again, we understand your timeline and the special circumstances of a bank owned home, as well as the special information you will need - competing listings, market trends, and so forth. You can bank on Perry & Associates, Inc to handle the appraisal of your REO professionally and efficiently. Contact us today.
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