Foreclosure and REO Appraisals in Polk County
Properties that have gone back to the bank's control and properties in foreclosure present specific appraisal challenges.
For a property in foreclosure, you should recognize the difference between fair market worth and "quick disposition" price to know your probable charge-off liability. Gregory James Company, Inc. has the knowledge in both supplying snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that take into account your time line.
We have the expertise to handle the specific dynamics of a foreclosure appraisal. For a company you can rely on, contact Gregory James Company, Inc..
Particular challenges might be present when dealing with owners of properties in foreclosure. They may be disinclined to allow an inspection of the house. If they have abandoned the house already, they may have neglected care of the house for some time - or unfortunately, damaged the house.
For a house that has reverted to REO, you likewise will be interested in a quick resolution . But you might want to know and analyze three values: as-is, as repaired, and "quick sale." These correspond to the worth of the house without any repairs done to it, with the repairs necessary to make the home marketable at full market value comparable with competing real estate in the area, and, somewhere in between, with minor investment in repairs - selling the property quickly, possibly to someone inclined to finish the job themselves. Again, we understand your time line and the unique circumstances of an REO house, in addition to the unique data you'll need -- competing listings, market trends, and so forth. You can bank on Gregory James Company, Inc. to handle the appraisal of your REO professionally and efficiently. Contact us today.
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