Foreclosure and REO Appraisal in Sullivan County
Properties that have returned to the bank's possession and houses in foreclosure bring forth particular appraisal problems.
For a home in foreclosure, you should recognize the gap between the fair market price and "quick disposition" worth to know your potential charge-off liability. REVARI (Real Estate Valuation and Research Inc.) has the experience in both presenting snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that take into consideration your timeline.
We have the expertise to work with the particular dynamics of a foreclosure appraisal. Contact REVARI (Real Estate Valuation and Research Inc.) for a company you can rely on.
Specific challenges can be present when working with owners of property in foreclosure. They might be disinclined to allow an inspection of the house. Often the houses show signs of vandalism, unfortunately by the residents themselves. Or, it's common to discover the families have moved out or the home languishing in disrepair for extended periods of time.
If your home has already gone back to REO, you will interested in an expedited disposition. But you may want to know about and compare three values: as-is, as repaired, and "quick sale." These represent the value of the house without any work performed, with the work necessary to make the property marketable at full market value appropriate with similar real estate in the area, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, possibly as a "fixer-upper". Again, we understand your timeline and the unique circumstances of an REO house, as well as the special information you will need -- competing listings, neighborhood trends, and so forth. You can bank on REVARI (Real Estate Valuation and Research Inc.) to take on the appraisal of your bank owned property with expertise and professionalism. Contact us today.