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Foreclosure and Real Estate Owned Appraisal in Bergen County Homes in foreclosure and homes that have reverted to the bank's ownership bring forth various appraisal problems.
When there is a home in foreclosure, you need to ascertain market value versus a "quick disposition" assessment to analyze your probable charge-off liability. We can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into account your time line.
Specific challenges may be present when working with owners of homes in foreclosure. They may be uncooperative to allowing an inspection of the property. Often the homes have been vandalized, unfortunately at the hands of the residents themselves. Or, it's likely you'll discover a house at a minimum abandoned or the home languishing in disrepair for long periods of time.
For a house that has changed to bank owned, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of determining the value of the asset:
- As Repaired. Possible market value with the repairs called for to make the property marketable at full market value - consistent with similar real estate in the neighborhood
- As-is. The market value of the property without any work done to it
- Quick sale. With minimal investment in repairs - to offload the property quickly, possibly to someone who'd rather finish the job themselves
Again, we understand your timeline and the unique circumstances of a bank owned property, as well as the special information you'll need - competing listings, neighborhood trends, and the like. You can rely on Duncan Appraisals to handle the appraisal of your bank owned property with expertise and professionalism. Contact us today.
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