REO and Foreclosure Appraisal in Allegheny County
There are specific appraisal problems when we're talking about a house in foreclosure or one that has gone back to the institution's possession.
When dealing with a house in foreclosure, you should recognize the difference between fair market value and "quick disposition" value to evaluate your potential charge-off liability. Frederick & Company has the knowledge in both providing snapshots of fair market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your time line.
We have the expertise to deal with the unique dynamics of a foreclosure appraisal. For a company you can rely on, contact Frederick & Company.
Occupants of properties in foreclosure may be unwilling to allow an inspection of the house, thus presenting specific challenges. Often the homes show signs of vandalism, often by the residents. Or, it's likely you'll find the previous owners have moved out or the home neglected for extended periods of time.
For real estate that has gone back to Real Estate Owned, you probably will be going for an expedited disposition . However, you may want to know about and analyze three values: as-is, as repaired, and "quick sale." These correspond to the worth of the home without any repairs done to it, with the work needed to make the house marketable at full market value appropriate with the other properties in the neighborhood, and, somewhere in between, with minor investment in repairs - selling the property quickly, most likely to someone inclined to finish the job themselves. Again, we understand your timeline and the unique circumstances of an REO home, as well as the unique data you'll need -- competing listings, neighborhood trends, and so forth. You can rely on Frederick & Company to handle the appraisal of your REO professionally and efficiently. Contact us today.