REO and Foreclosure Appraisal in Los Angeles County
There are specific appraisal difficulties regarding a home in foreclosure or one that has returned to the bank's holding.
You should recognize the meanings of "market value" and a "quick disposition" value to know your probable charge-off liability when dealing with a home in foreclosure.
We can provide both snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your time constraints.
Owners of property in foreclosure could be unwilling to allow an inspection of the property, thus presenting particular challenges.
Sometimes the properties have been vandalized, often by the former residents. Or, it's likely you'll find nobody has lived in house for months or the home neglected for extended periods of time.
For real estate that has already gone back to bank owned, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three angles for looking at the value of the subject property:
Again, we understand your timeline and the special circumstances of a bank owned home, in addition to the unique data you'll need - competing listings, market trends, and the like. You can rely on WalshStreet Appraisals to take on the task of your REO with expertise and professionalism. Contact us today.
- As Repaired. Value with the repairs called for to make the home marketable at full market value - in accordance with similar homes in the area
- As-is. The market value of the home without any repairs performed
- Quick sale. Somewhere in between, with minimal investment in repairs - to get rid of the property quickly, probably to someone inclined to finish the job themselves