|
|
Real Estate Owned and Foreclosure Appraisal in Prince William County Homes that have gone back to the institution's possession and homes in foreclosure present particular appraisal challenges.
You need to differentiate the meanings of fair market price and a "quick disposition" price to analyze what losses you could realize when dealing with a house in foreclosure. We can provide both snapshots of fair market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your pressing needs.
Owners of property in foreclosure, of course, can present unique challenges: For example, they might be combative when it comes to allowing the appraiser access to the property. They may have deserted the home already and/or neglected care of the property for quite some time - or even worse, damaged the property.
You'll be interested in a quick disposition if the property has reverted to REO. So you may want to know about and review three values: "as-is", "as repaired", and "quick sale". These symbolize:
- The value of the property without any work performed
- Possible worth with the work needed to make the home marketable at full market value - appropriate with similar homes in the neighborhood
- With minimal investment in repairs - to sell the property quickly, probably as a "fixer-upper"
Again, we understand your urgency and the specific circumstances of a Real Estate Owned property, as well as the specific data you'll need - competing listings, market trends, and the like. You can rely on Capuano Appraisal Services to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.
|
|
