Foreclosure and Real Estate Owned Appraisals in Westchester County
Homes that have gone back to the institution's possession and homes in foreclosure present specific appraisal challenges.
It's vital to know the difference between fair market price and "quick disposition" value to evaluate what losses you could realize when dealing with a house in foreclosure. At Eastern Appraisal Company, Inc., we have the training in both providing snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your timeline.
Specific challenges might be present when working with owners of houses in foreclosure. They might be uncooperative to allowing an inspection of the property. If they moved out of the property already, they could have not taken care of the house for some time - or even worse, ransacked the home.
You'll be interested in an expeditious disposition if the property has returned to REO. So you might want to know and review three values: as-is, as repaired, and "quick sale." These correspond to the value of the house without any repairs performed, with the repairs due to make the home marketable at full market value consistent with similar real estate in the neighborhood, and, somewhere in between, with minimal investment in repairs - selling the property quickly, most likely to someone who'd prefer to finish the job themselves. Again, we understand your time line and the unique circumstances of an REO house, as well as the special data you'll need -- competing listings, neighborhood trends, and so forth. You can rely on Eastern Appraisal Company, Inc. to take on the task of your bank owned property professionally and efficiently. Contact us today.