Foreclosure and REO Appraisals in New Haven County
Homes that have gone back to the institution's ownership and homes in foreclosure present specific appraisal problems.
For a property in foreclosure, you need to recognize the gap between fair market value and "quick disposition" to know your likely 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 urgency.
The professionals at Appraisal Associates of CT have the training to deal with the particular dynamics of a foreclosure appraisal. Contact Appraisal Associates of CT for a company you can trust.
Owners of property in foreclosure, of course, can present special challenges. They could be uncooperative to allowing an inspection of the house. They could have abandoned the property already and/or neglected care of the property for quite some time - or gone as far as damaged the home.
For a home that has already returned to REO, you typically will want to get rid of it quickly . But you might want to know about and review three values: as-is, as repaired, and "quick sale." These represent the worth of the home without any repairs done to it, with the work needed to make the house marketable at full market value corresponding with the other houses in the neighborhood, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, probably to someone who'd rather finish the job themselves. Again, we understand your urgency and the unique circumstances of an REO property, as well as the specific data you will need -- competing listings, neighborhood trends, and so forth. You can rely on Appraisal Associates of CT to handle the appraisal of your bank owned property with expertise and professionalism. Contact us today.