Real Estate in foreclosure and properties that have reverted to the bank's possession create specific appraisal challenges.
When there is a home in foreclosure, you should understand market value versus a "quick disposition" assessment to know your possible charge-off liability.
Appraisal Associates of North Georgia has the training in both supplying snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.
You need a company who has the qualifications to work with the unique dynamics of a foreclosure appraisal. Contact Appraisal Associates of North Georgia for a company you can count on.
Occupants of dwellings in foreclosure might be uncooperative to allowing an inspection of the home, thus presenting unique challenges.
If they moved out of the property already, they could have not taken care of the property for a long time - or unfortunately, damaged the property.
For a house that has already returned to Real Estate Owned, you typically will want to get rid of it quickly. In any case, you'll still want to consider three angles for looking at the value of the subject property:
As Repaired. Value with the repairs needed to make the property marketable at full market value - commensurate with similar homes in the area
As-is. The value of the home without any work done to it
Quick sale. Somewhere in between, with minor investment in repairs - to sell the property quickly, most likely to someone inclined to finish the job themselves
Again, we understand your time line and the unique situation of a Real Estate Owned house, in addition to the specific information you'll need - competing listings, market trends, and the like. You can bank on Appraisal Associates of North Georgia to handle the appraisal of your REO with expertise and professionalism. Contact us today.
