Foreclosure and REO Appraisal in Los Angeles County
Homes in foreclosure and homes that have reverted to the institution's possession create special appraisal challenges.
When dealing with a home in foreclosure, you should understand the difference between fair market worth and "quick disposition" value to analyze your likely charge-off liability. At All City Appraisal, we have the background in both providing snapshots of fair market value for our mortgage clients, in addition to "quick sale" forecasts that understand your time constraints.
We have the training to work with the specific dynamics of a foreclosure appraisal. For a company you can rely on, contact All City Appraisal.
Owners of properties in foreclosure, of course, can present specific challenges. They might be uncooperative to allowing an inspection of the home. If they left the home already, they might have ignored the care of the home for a long time - or unfortunately, caused damage to the property.
You'll be interested in a quick disposition if the house has returned to REO. So you need to understand and analyze three values: as-is, as repaired, and "quick sale." These represent the worth of the house without any work performed, with the repairs needed to make the property marketable at full market value corresponding with competing real estate in the area, and, somewhere in between, with minor investment in repairs - selling the property quickly, probably as a "fixer-upper". Again, we understand your urgency and the unique situation of a bank owned property, as well as the specific data you will need -- competing listings, neighborhood trends, and the like. You can rely on All City Appraisal to handle the appraisal of your bank owned property with expertise and professionalism. Contact us today.