Wild River Appraisals is Experienced with Bank Owned PropertiesThere can be special appraisal challenges when it comes to a property in foreclosure or one that has gone back to the lender's possession. When there is a property in foreclosure, it's important to differentiate between fair market value and quick disposition worth to analyze your likely charge-off liability. At Wild River Appraisals, we have the experience in furnishing snapshots of fair market value for our mortgage lending and servicing clients, in addition to "quick sale" forecasts that understand your time constraints.
We have the expertise to handle the special dynamics of a foreclosure appraisal. Specific challenges may be present when working with owners of properties in foreclosure. They might be unwilling to allow an inspection of the property. Sometimes the home shows signs of vandalism, often at the hands of the residents. It's also common to find the residents have moved out leaving the home languishing in disrepair for extended periods of time. For a home that has already reverted to REO, you typically will want it off your hands as quickly as possible. You most likely need to understand and analyze the three values: as-is, as repaired, and quick sale. These represent the value of the property without any work performed, with the repairs called for to make the house marketable at full market value corresponding with the other houses in the neighborhood and somewhere in the middle, with minimal investment in repairs - selling the property quickly, likely as a "fixer-upper". Again, we understand the situation of a lender-owned property, in addition to the unique data you will need. You can bank on Wild River Appraisals to handle the appraisal of your REO professionally and efficiently. Contact us today. |