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Foreclosure and REO Appraisals in Ada County
There are various appraisal difficulties involved in a house in foreclosure or one that has reverted to the financial institution's possession.
For a home in foreclosure, you should understand the gap between market value and a "quick disposition" price to know your probable charge-off liability.
The professionals at Metro Appraisals can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that respect your urgency.
Owners of homes in foreclosure may be opposed to allowing an inspection of the home, thus presenting special challenges.
Sometimes the subjects have been vandalized, unfortunately at the hands of the residents themselves. Or, it's likely you'll discover a house at a minimum abandoned or the home languishing in disrepair for long periods of time.
You will be interested in an expeditious disposition if the property has changed to REO. So you may want to know about and review three values: "as-is", "as repaired", and "quick sale". These symbolize: - The value of the house without any work done to it
- Value with the work needed to make the house marketable at full market value - comparable with competing homes in the neighborhood
- With minor investment in repairs - to sell the home quickly, possibly as a "fixer-upper"
Again, we understand your urgency and the unique situation of a bank owned property, as well as the unique information you'll need - competing listings, neighborhood trends, and so forth. You can bank on Metro Appraisals to take on the appraisal of your REO professionally and efficiently. Contact us today.
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