For real estate in foreclosure, banks or mortgage lenders need to know the difference between fair market value and "quick sale" value, to determine the potential equity position. Determining fair market value in a changing market is critical in selling the property.
Appraisal Design Group specializes in appraising foreclosure and REO properties . As local market experts, we provide professional appraisals of fair market value for bank, mortgage lending, and mortgage servicing clients as well as "quick sale" appraisal forecasts that understand your timeline.
Owners of homes and property in foreclosure, of course, present special appraiser challenges. The owner or the tenant may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of foreclosure appraisal.
For home foreclosures for sale and properties that have already reverted to Bank REO status (Real Estate Owned), you likewise will be interested in an expert home appraiser that can provide a quick turn-time. As a lender you may want to know and compare three values: As-is, as repaired, and "quick sale." This type of real property appraisal must be done by an experienced licensed or certified home appraiser (foreclosure real estate specialist). The appraisal must represent the value of the real property "As Is" and "As if Complete" (with the required completion items necessary to make the property marketable at full market value and commensurate with competing properties in the area).
Again, as expert foreclosure appraiser specialists we understand your timeline and the unique circumstances of lender and Bank REO properties, as well as the special information you'll need -- including competing listings, market trends, days on the market and specific market conditions.