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Foreclosure and REO Appraisal in De Kalb County
There are specific appraisal difficulties when it comes to a property in foreclosure or one that has reverted to the financial institution's control.
For a property in foreclosure, you should understand the difference between the market value and a "quick disposition" value to know your likely charge-off liability.
At Woods Appraisal, LLC, we have the experience in both providing snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that consider your time constraints.
Owners of houses in foreclosure, of course, can present unique challenges: They might be opposed to allowing the appraiser access to the house.
They might have moved out of the property already and/or ignored the care of the property for some time - or gone as far as damaged the property.
If you're dealing with home that has changed to Real Estate Owned, you will interested in a fast disposition. However, you may want to know about and analyze three values: as-is, as repaired, and "quick sale". These correspond to: - The value of the house without any work done to it
- Value with the work due to make the property marketable at full market value - commensurate with other homes in the neighborhood
- With minimal investment in repairs - to offload the home quickly, likely as a "fixer-upper"
Again, we understand your time line and the unique situation of a Real Estate Owned house, as well as the special data you'll need - competing listings, market trends, and the like. You can count on Woods Appraisal, LLC to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.
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