Foreclosure and Real Estate Owned AppraisalsProperties that have returned to the institution's control and houses in foreclosure create particular appraisal problems.
If you need a company with the qualifications
Owners of homes in foreclosure unfortunately can present specific challenges. For example, they might be opposed to allowing an inspection of the home. Sometimes the subject properties show signs of vandalism, sometimes unfortunately by the residents themselves. Or, it's common to find a house at a minimum abandoned or the home languishing in disrepair for extended periods of time.
For real estate that has gone back to bank owned, you likewise will be going for a fast disposition. However, you may want to understand and examine the definitions of "as-is", "as repaired", and "quick sale" values. These symbolize:
- The value of the home without any work done to it
- Possible value with the repairs required to make the home marketable at full market value - in accordance with other real estate in the neighborhood
- With minor investment in repairs - to sell the property quickly, seemingly as a "fixer-upper"
We understand your time line and the unique situation of a bank owned home, in addition to the special data you will need - competing listings, market trends, and the like. You can bank on the NC Appraisal Center to handle the appraisal of your bank owned property professionally and efficiently. Tammie has additional training and continuing education in foreclosure appraisals. Contact us.