Appraising a Home in Foreclosure or REO
Appraising a home in foreclosure or one that has returned to the lender's possession poses specific challenges that require expertise and understanding of the unique dynamics involved. In the case of a house in foreclosure, it is crucial to assess the gap between its fair market price and the "quick disposition" price to determine potential charge-off liability. At Real Estate Appraisal Services of WI, Inc., we can provide accurate snapshots of fair market value for our mortgage originating clients, as well as "quick sale" forecasts that consider your specific timeline..
Working with homeowners facing foreclosure may present additional challenges. They may be reluctant to allow an inspection of the property, or the condition of the home may have deteriorated due to neglect or damage.
Our team of professionals are experienced in navigating the complexities of foreclosure appraisals. You can rely on Real Estate Appraisal Services of WI, Inc. for reliable and trustworthy assistance.
When dealing with real estate that has reverted to REO (Real Estate Owned), the goal is usually to sell it quickly. However, it is important to consider and evaluate three different values: "as-is" value, value after necessary repairs to make the property marketable at full market value, and a value for a "quick sale" with minimal investment in repairs. These valuations correspond to the property's worth in its current condition, after repairs, and with minimal repairs for a speedy sale to potential buyers willing to complete the renovations themselves. We understand the urgency and unique circumstances associated with bank-owned properties, as well as the specific data you require, such as competing listings and market trends.
When you choose Real Estate Appraisal Services of WI, Inc., you can trust that we will handle the appraisal of your REO property with professionalism and efficiency, providing you with the information you need to make informed decisions. Contact us today.