REO and Foreclosure Appraisal in Ada County
There are particular appraisal challenges regarding a property in foreclosure or one that has gone back to the bank's control.
When there is a property in foreclosure, you should know the difference between fair market price and "quick disposition" value to evaluate your possible charge-off liability. Metro Appraisals has the background in both providing snapshots of fair market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your time line.
You need a company who has the training to work with the special dynamics of a foreclosure appraisal. For a company you can trust, contact Metro Appraisals.
Owners of houses in foreclosure may be unwilling to allow an inspection of the property, thus presenting specific challenges. Often the houses show signs of vandalism, often at the hands of the former residents themselves. Or, it's likely you'll discover nobody has occupied the house for months or the home languishing in disrepair for long of time.
For real estate that has already changed to Real Estate Owned, you typically will want to get rid of it quickly . But you may want to know about and examine three values: as-is, as repaired, and "quick sale." These correspond to the worth of the house without any work performed, with the work required to make the house marketable at full market value appropriate with competing homes in the neighborhood, and, somewhere in between, with minimal investment in repairs - selling the property quickly, most likely to someone who'd prefer to finish the job themselves. Again, we understand your urgency and the unique situation of a Real Estate Owned home, as well as the unique data you will need -- competing listings, neighborhood trends, and the like. You can rely on Metro Appraisals to handle the task of your bank owned property professionally and efficiently. Contact us today.