Foreclosure & Real Estate Owned Appraisals
When a home returns to lender control, a foreclosure creates unique appraisal challenges. It's important to differentiate the meanings of "market value" and a "quick disposition" value to evaluate what losses you could sustain when dealing with a property in foreclosure. At Tejas Appraisal Company, we have the experience in both presenting snapshots of market value for our mortgage clients, in addition to "quick sale" forecasts that consider your urgency.
If you're dealing with a house that has already reverted to REO, you may be interested in a fast disposition. However, you will likely want to know and examine three values: as-is, as repaired, and "quick sale". Specifically, these mean:
- The value of the home without any work/repairs performed
- Possible value with the work called for to make the home marketable at full market value, appropriate with similar real estate in the area
- With minor investment in repairs, to sell the property quickly
Again, we understand your urgency and the unique circumstances of a bank-owned home, in addition to the special information you will need - competing listings, neighborhood trends, and so forth. You can rely on Tejas Appraisal Company and our chief appraiser Dave Drapela to take on the task of your bank owned property with expertise and professionalism. Contact us today.
|
