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REO and Foreclosure Appraisals in Allen County
Properties that have gone back to the bank's possession and properties in foreclosure create particular appraisal challenges.
It's important to recognize the meanings of "market value" and a "quick disposition" assessment to know what losses you might realize when dealing with a home in foreclosure.
At Tim Norris & Associates, we have the experience in both producing snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your time constraints.
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The professionals at Tim Norris & Associates have the qualifications to deal with the special dynamics of a foreclosure appraisal. Contact Tim Norris & Associates for a company you can rely on. |
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Occupants of houses in foreclosure could be disinclined to allow an inspection of the property, thus presenting special challenges.
If they left the house already, they could have neglected care of the property for quite some time - or unfortunately, ransacked the house.
For real estate that has returned to REO, you typically will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for looking at the value of the asset (or in some cases, liability):- As Repaired. Possible market value with the work needed to make the house marketable at full market value - in accordance with competing properties in the neighborhood
- As-is. The market value of the home without any work performed
- Quick sale. Somewhere in the middle, with minimal investment in repairs - to get rid of the home quickly, most likely as a "fixer-upper"
Again, we understand your time line and the unique circumstances of a Real Estate Owned property, in addition to the unique data you will need - competing listings, market trends, and the like. You can bank on Tim Norris & Associates to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.
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