Bank Owned Properties Need Appraisals Too
Homes in foreclosure and houses that have gone back to the bank's ownership present special challenges for appraisers.
To help you understand what losses you have to endure when dealing with a home in foreclosure, its important to observe the market value with a quick disposition assessment. We have extensive experience in both producing snapshots of market value for our clients, as well as "quick sale" forecasts that consider your pressing needs.
When working with owners of property in foreclosure, certain issues tend to arise from the situation. They might be opposed to allowing an inspection of the property. If they moved out of the house already, they might have not taken care of the property for some time. Sometimes we come to find out that the property was severely damaged.
In the situation that your home that has gone back to the bank, you will likely be going for a speedy resolution. In any case, you'll still want to consider three ways of looking at the value of the asset:
- As Repaired: Possible market value with the work called for to make the house marketable at full market value - comparable with similar homes in the area.
- As it is: The market value of the property without any work performed.
- Quick Sale: Somewhere in the middle, with minor investment in repairs. A motivated individual can most likely make the repairs on their own, to sell the house quickly.
Again, we understand your urgency and the specific situation of a bank owned home, as well as the special information you'll need, like competing listings and market trends. You can count on us to take on the appraisal of your bank owned property, professionally and efficiently. Contact us today.