Homes in foreclosure and homes that have reverted to your institution’s ownership present unique appraisal challenges.
For a property in foreclosure, you may need to know the difference between fair market value and quick disposition value, to know your potential charge-off liability. At Reachable Appraisal Services, we can provide clear, comprehensible snapshots of fair market value for our mortgage lending and servicing clients, as well as “quick sale” forecasts that take your timeline into consideration.
Owners of property in foreclosure can at times make the appraisal process more challenging. Sometimes they may be unwilling to allow an inspection of the property. In other cases, if they have abandoned the property already, they may have neglected care of the home, or worse, caused intentional damage. We have the experience and training to deal with the unique dynamics of a foreclosure appraisal and can ensure the process go as smoothly as possible.
For a property that’s already reverted to Real Estate Owned, you’ll also be interested in a quick disposition. There are a few more considerations though, and you’ll likely need appraisals for these three scenarios: As-is, as-repaired, and “quick sale.”
- the value of the property without repairs,
- the value of the property with the work required to make the marketable at full market value, and
- the value of the property with only the minimum investment in repairs needed to be able to market it (aka, marketing it as a “fixer-upper”).
As with our foreclosure services, we keep your timeline and the unique circumstances of an REO property in consideration when making these appraisals.
Please browse our website to learn more about our qualifications, expertise and services offered.