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Foreclosure and REO Appraisals in Park County Real Estate in foreclosure and properties that have returned to the bank's possession bring forth unique appraisal challenges.
You need to ascertain the meanings of "market value" and a "quick disposition" assessment to analyze your possible charge-off liability when dealing with a home in foreclosure. At Centennial Appraisal Group, Inc., we have the background in both presenting snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that consider your time constraints.
Occupants of dwellings in foreclosure could be uncooperative to allowing an inspection of the house, thus presenting unique challenges. Sometimes the homes show signs of vandalism, unfortunately by the former residents. Or, it's common to find a house at a minimum abandoned or the home neglected for long periods of time.
For real estate that has returned to bank owned, you probably will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of looking at the value of the real estate at hand:
- As Repaired. Possible market value with the repairs due to make the property marketable at full market value - in accordance with other houses in the neighborhood
- As-is. The market value of the property without any work done to it
- Quick sale. Somewhere in between, with minimal investment in repairs - to sell the home quickly, likely as a "fixer-upper"
Again, we understand your timeline and the special circumstances of a Real Estate Owned property, in addition to the special data you'll need - competing listings, neighborhood trends, and so forth. You can rely on Centennial Appraisal Group, Inc. to handle the appraisal of your REO professionally and efficiently. Contact us today.
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