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Foreclosure and Real Estate Owned Appraisal in Harrison County
Homes in foreclosure and homes that have returned to the lender's possession create unique appraisal challenges.
You need to recognize the meanings of "market value" and a "quick disposition" value to analyze what losses you might have to endure when dealing with a home in foreclosure.
Rivers Appraisal Service has the background in both presenting snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that take into account your pressing needs.
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You need a company with the qualifications to work with the unique dynamics of a foreclosure appraisal. Contact Rivers Appraisal Service for a company you can count on. |
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Special challenges might be present when working with owners of properties in foreclosure. They might be opposed to allowing an inspection of the home.
Often the properties have been vandalized, often by the former residents themselves. Or, it's likely you'll find the residents have moved out or the home languishing in disrepair for extended periods of time.
For a house that has changed to Real Estate Owned, you most likely will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of figuring 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 - in accordance with other houses in the area
- As-is. The market value of the home without any repairs performed
- Quick sale. Somewhere in the middle, with minimal investment in repairs - to offload the home quickly, probably as a "fixer-upper"
Again, we understand your time line and the specific situation of an REO home, as well as the special data you'll need - competing listings, neighborhood trends, and the like. You can rely on Rivers Appraisal Service to take on the task of your REO with expertise and professionalism. Contact us today.
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