Real Estate Owned Appraisals in Palm Beach County
Real Estate in foreclosure and houses that have returned to the bank's possession create particular appraisal challenges.
When there is a home in foreclosure, you need to ascertain the difference between fair market price and "quick disposition" worth to know your probable charge-off liability. Eastern Appraisal Company has the experience in both furnishing snapshots of fair market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your time line.
Occupants of dwellings in foreclosure may be uncooperative to allowing an inspection of the property, thus presenting specific challenges. Often the properties show signs of vandalism, unfortunately by the residents. Or, it's common to discover nobody has lived in house for months or the home languishing in disrepair for long of time.
You'll be interested in a fast disposition if the property has already changed to REO. So you might want to understand and examine three values: as-is, as repaired, and "quick sale." These symbolize the value of the house without any repairs performed, with the work called for to make the house marketable at full market value comparable with similar houses in the area, and, somewhere in between, with minimal investment in repairs - selling the property quickly, likely to someone who'd prefer to finish the job themselves. Again, we understand your time line and the unique situation of a Real Estate Owned home, in addition to the special data you'll need -- competing listings, neighborhood trends, and so forth. You can count on Eastern Appraisal Company to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.