There are unique appraisal challenges associated with appraising a house in foreclosure or one that has gone back to the lender's ownership.
Edwards Appraisal Group can help you understand the difference between fair market value and the "quick disposition" value so that you can evaluate what losses you stand to realize when dealing with a home in foreclosure.
Edwards Appraisal Group can provide snapshots of fair market value for our mortgage servicing clients in addition to "quick sale" forecasts that consider your time constraints.
Specific challenges may be present when working with owners of homes in foreclosure. If present, they might be uncooperative when it comes to allowing for an inspection of the house. They may have deserted the house already and/or allowed the house to fall into disrepair. In extreme cases, they may have even intentionally harmed the property. These are issues Edwards Appraisal Group has experience dealing with in an assertive and a compassionate manner.
For a house that has already reverted to the bank, you will most likely want to get it sold quickly . However, before doing so, you might want to understand and analyze three values: as-is, as repaired, and "quick sale." These correspond to the value of the property without any work done to it, with the work needed to make the home marketable at full market value commensurate with competing real estate in the area, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, seemingly as a "fixer-upper".
Again, we understand your time line and the unique characteristics of bank owned homes, as well as the special information you will need -- competing listings, neighborhood trends, and the like. You can rely on Edwards Appraisal Group to take on the appraisal of your REO with expertise and professionalism. Contact us today.