REO and Foreclosure Appraisal in Los Angeles County
There are unique appraisal challenges when we're talking about a house in foreclosure or one that has reverted to the institution's holding.
You should recognize the meanings of "market value" and a "quick disposition" value to analyze your probable write-down liability when dealing with a property in foreclosure.
WalshStreet Appraisals has the training in both providing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that take into consideration your time line.
Occupants of dwellings in foreclosure might be disinclined to allow an inspection of the house, thus presenting special challenges.
If they have abandoned the home already, they could have ignored the care of the house for quite awhile - or unfortunately, ransacked the home.
For real estate that has already reverted to Real Estate Owned, you probably will be seeking an expeditious disposition. In any case, you'll still want to consider three angles for determining the value of the asset:
Again, we understand your urgency and the specific circumstances of a bank owned home, as well as the unique information you will need - competing listings, market trends, and the like. You can bank on WalshStreet Appraisals to handle the task of your REO with expertise and professionalism. Contact us today.
- As Repaired. Value with the work required to make the house marketable at full market value - consistent with other properties in the neighborhood
- As-is. The value of the property without any work performed
- Quick sale. Somewhere in between, with minimal investment in repairs - to get rid of the property quickly, probably as a "fixer-upper"