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REO Appraisals in Randall County Houses that have returned to the institution's ownership and properties in foreclosure bring forth particular appraisal challenges.
When there is a house in foreclosure, you should ascertain market value versus a "quick disposition" price to know your likely charge-off liability. At Anderson Appraisal, LLC, we have the training in both furnishing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your timeline.
Unique challenges might be present when working with owners of homes in foreclosure. They might be uncooperative to allowing an inspection of the home. If they moved out of the house already, they might have not taken care of the house for quite some time - or unfortunately, ransacked the house.
For a house that has already changed to Real Estate Owned, you probably will want it off your hands as quickly as possible. But you may want to know and examine three values - "as-is", "as repaired", and "quick sale". These correspond to:
- The value of the house without any work performed
- Possible value with the work due to make the home marketable at full market value - comparable with other real estate in the area
- Somewhere in the middle, with minimal investment in repairs - to get rid of the home quickly, seemingly to someone who'd rather finish the job themselves
Again, we understand your timeline and the unique circumstances of an REO home, as well as the unique data you'll need - competing listings, market trends, and so forth. You can rely on Anderson Appraisal, LLC to take on the task of your REO with expertise and professionalism. Contact us today.
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