Foreclosure and REO Appraisal services are critical to the success of every real estate decision and transaction. They accomplish this through best in class research, the accumulation and dissemination of comprehensive data on, and knowledge of the real estate markets they operate in. This service goal is to reflect the actions and attitudes of the market as accurately as possible.
Real Estate in Foreclosure and REO Appraisal that have reverted to the institution’s control present specific appraisal problems. It is key to recognize the meanings of market value and a quick disposition assessment to analyze what losses you might have to endure when dealing with a property in foreclosure.
Foreclosure services have the knowledge in both providing snapshots of market value for their mortgage servicing clients, in addition to quick sale forecasts that understand your pressing needs.
Special challenges may be present when working with owners of houses in foreclosure. They could be disinclined to allow an inspection of the house. If they abandoned the home already, they could have ignored the care of the property for a long time – or even worse, caused damage to the home.
It has already changed to Real Estate Owned, you probably will be seeking a fast resolution. Regardless, you will still want to consider three ways of figuring the value of the subject property:
Possible market value with the repairs called for to make the property marketable at a full market value appropriate with other properties in the area.
- Current value
The market value of the house without any work performed
- Quick sale
Somewhere in between, with minimal investment in repairs to sell the property quickly, probably to someone who’d rather finish the job themselves.
You will need competing listings, neighborhood trends, and so forth. You can count on evaluation concepts to take on the task of your bank owned property with expertise and professionalism.
Inspections And Repairs
- Property inspections can frequently result in buyer or lender requirements for corrections by the seller. Whether you are prepared for these or they come as a surprise, Foreclosure and REO Appraisal here to help you to deal with them, as repair disputes are the most frequent reason for contract failures before closing.
- Part of Foreclosure and REO Appraisal job is to help you to avoid too many surprises related to condition and repairs. The experienced appraiser knows the lender and FHA requirements and will give you information about what Foreclosure and REO Appraisal see that buyers & lenders may want to be corrected.
- Remember that an appraiser is an expert in value, so they can not anticipate a home inspectors findings until they have submitted their reports. Lenders typically require an appraisal and home inspector for structural and systems.