|
|
Foreclosure Appraisals in Clark County Houses in foreclosure and homes that have reverted to the lender's possession present unique appraisal difficulties.
When there is a property in foreclosure, it's important to recognize market value versus a "quick disposition" value to analyze your likely charge-off liability. We can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into consideration your pressing needs.
Specific challenges might be present when working with owners of property in foreclosure. They could be uncooperative to allowing an inspection of the home. They might have moved out of the home already and/or ignored the care of the home for quite some time - or even worse, damaged the house.
For real estate that has gone back to Real Estate Owned, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of looking at the value of the subject property:
- As Repaired. Possible market value with the repairs called for to make the house marketable at full market value - appropriate with other houses in the neighborhood
- As-is. The market value of the home without any work done to it
- Quick sale. With minor investment in repairs - to sell the property quickly, most likely as a "fixer-upper"
Again, we understand your timeline and the specific circumstances of an REO property, as well as the unique information you will need - competing listings, neighborhood trends, and the like. You can rely on American Home - Residential Appraisers, LLC to handle the task of your bank owned property professionally and efficiently. Contact us today.
|
|
