Houses that have reverted to the financial institution’s possession and houses in Pre-foreclosure bring forth various appraisal problems.
For a home in foreclosure, you need to know the gap between the market and a “quick dispositon” price to know your potential charge-off liabilty. Lou Najera Appraisals has the knowledge in both supplying snapshots of market value for our mortgage servicing clients, as well s “quick sale” foreast that understand your urgency.
- You need a company with the experience to handle
- the specific dynamics of a foreclosure or short sale situation
- For a company you can rely on, contact Lou Najera Appraisals
Unique challenges can be present when working with owners of houses in foreclosure. They could be unwilling to allow an inspection of the house. Often the homes have been vandalized, unfortunately by the former residents. Or, it’s common to discover the families have moved out or the home languishing in disrepair for extended periods of time.
You wil be interested in a quick disposition if the home has already gone back to bank owned property ( REO). So you need to understand and examine three values: “as is”, “as repaired”, “quick sale”. These represent:
- The value of the house without any work dont to it.
- Value with the work required to make the home marketable at full market value- consistent with competing properties in the neighborhood.
- Somewhere in the middle, with minimal investment inrepairs- go get rid of the home quickly, most likely to someone inclined to finish the job themselves
Again, we understand your timeline and the specific situation of a bank owned property, in addition to the specific data you will need-competing listings, market trends, and the like. You can count on Lou Najera Appraisals to take on the appraisal of your REO or Short sale property with expertise and professionalism. Contact us today.