Real Estate in foreclosure and houses that have reverted to the bank’s holding (REO) present special appraisal difficulties.
For a house in foreclosure, you may need to know the gap between fair market value and “quick disposition” to know your probable charge-off liability. At J Alexander Grant Appraisal Group, we have the background in both presenting snapshots of fair market value for our mortgage clients, in addition to “quick sale” forecasts that understand your timeline.
You need a company who has the experience to work with the special dynamics of a foreclosure appraisal. For a company you can trust, contact J Alexander Grant Appraisal Group.
Specific challenges might be present when working with owners of property in foreclosure. They might be disinclined to allow an inspection of the property. They might have deserted the house already and/or overlooked the care of the home for quite awhile – or even worse, ransacked the home.
You’ll be interested in a speedy disposition if the home has gone back to bank owned. So you need to understand and analyze three values: as-is, as repaired, and “quick sale.” These symbolize the worth of the house without any work performed, with the repairs needed to make the property marketable at full market value comparable with similar properties in the neighborhood, and, somewhere in the middle, with minimal investment in repairs – selling the property quickly, likely as a “fixer-upper”. Again, we understand your time line and the specific circumstances of an REO home, as well as the special information you will need — competing listings, market trends, and so forth. You can count on J Alexander Grant Appraisal Group to handle the task professionally and efficiently. Contact us today.