Foreclosure and Real Estate Owned Appraisal in Morris CountyThere are various appraisal problems involved in a property in foreclosure or one that has reverted to the institution's ownership. When dealing with a home in foreclosure, you need to understand the difference between fair market value and "quick disposition" worth to evaluate your possible charge-off liability. We can provide both snapshots of fair market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time constraints. We have the expertise to work with the special dynamics of a foreclosure appraisal. Contact Atlantic Appraisal Services for a company you can rely on. Owners of property in foreclosure, of course, can present specific challenges. They may be disinclined to allow an inspection of the home. Sometimes the homes have been intentionally damaged, often by the former residents themselves. Or, it's common to find nobody has occupied the house for months or the home neglected for long of time. For a house that has gone back to bank owned, you probably will want it off your hands as quickly as possible . However, you might want to understand and compare three values: as-is, as repaired, and "quick sale." These correspond to the value of the house without any work done to it, with the work needed to make the property marketable at full market value corresponding with the other houses in the neighborhood, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, possibly to someone inclined to finish the job themselves. Again, we understand your timeline and the unique circumstances of an REO house, in addition to the special information you'll need -- competing listings, market trends, and so forth. You can count on Atlantic Appraisal Services to handle the appraisal of your bank owned property professionally and efficiently. Contact us today. |