Foreclosure and Real Estate Owned Appraisal in Saline CountyHouses that have gone back to the institution's possession and homes in foreclosure create specific appraisal challenges.When dealing with a property in foreclosure, it's important to know the difference between fair market value and "quick disposition" price to evaluate your likely charge-off liability. At Heartland Appraisal Service, we have the knowledge in both supplying snapshots of fair market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your time line.
Owners of property in foreclosureunfortunately can present specific challenges. For example, they may be unwilling to allow the appraiser access to the house. If they abandoned the house already, they might have ignored the care of the property for awhile - or unfortunately, damaged the house. For a home that has changed to Real Estate Owned, you probably will be seeking a quick resolution. But you may want to know about and analyze three values - "as-is", "as repaired", and "quick sale". These represent: the value of the home without any work done to it, with the repairs needed to make the home marketable at full market value appropriate with the other houses in the area, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, likely to someone who'd prefer to finish the job themselves. Again, we understand your timeline and the specific situation of an REO home, in addition to the specific data you'll need - competing listings, market trends, and so forth. You can count on Heartland Appraisal Service to handle the appraisal of your REO with expertise and professionalism. Contact us today. |