Foreclosure and REO Appraisals in Polk County
Houses in foreclosure and homes that have returned to the institution's holding create unique appraisal challenges.
For a house in foreclosure, you should recognize the gap between the fair market value and "quick disposition" to know your potential charge-off liability. At Gregory James Company, Inc., we have the training in both providing snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your urgency.
The professionals at Gregory James Company, Inc. have the training to work with the specific dynamics of a foreclosure appraisal. Contact Gregory James Company, Inc. for a company you can trust.
Owners of homes in foreclosure, of course, can present specific challenges. They might be opposed to allowing an inspection of the property. Often the houses show signs of vandalism, unfortunately at the hands of the residents themselves. Or, it's common to discover the residents have moved out or the home languishing in disrepair for long of time.
If your home has returned to REO, you will interested in a quick disposition. However, you may want to know and analyze three values: as-is, as repaired, and "quick sale." These represent the value of the house without any repairs done to it, with the work due to make the house marketable at full market value consistent with similar real estate in the area, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, most likely as a "fixer-upper". Again, we understand your timeline and the special situation of an REO property, in addition to the special information you'll need -- competing listings, market trends, and the like. You can bank on Gregory James Company, Inc. to take on the task of your bank owned property with expertise and professionalism. Contact us today.
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