REO Appraisals in New Haven County
There are specific appraisal challenges involved in a home in foreclosure or one that has gone back to the bank's control.
For a home in foreclosure, you might need to recognize the gap between the fair market value and "quick disposition" price to know your likely charge-off liability. Appraisal Associates of CT has the knowledge in both supplying snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your time line.
Appraisal Associates of CT has the expertise to handle the special dynamics of a foreclosure appraisal. Contact Appraisal Associates of CT for a company you can rely on.
Occupants of in foreclosure may be unwilling to allow an inspection of the property, thus presenting special challenges. Often the homes have been vandalized, unfortunately by the residents. Or, it's likely you'll discover nobody has occupied the house for months or the home languishing in disrepair for long of time.
If your home has returned to REO, you will interested in a speedy disposition. However, you may want to understand and compare three values: as-is, as repaired, and "quick sale." These correspond to the value of the property without any repairs performed, with the work due to make the house marketable at full market value consistent with the other houses in the neighborhood, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, most likely to someone inclined to finish the job themselves. Again, we understand your urgency and the unique situation of an REO property, as well as the unique data you'll need -- competing listings, neighborhood trends, and the like. You can bank on Appraisal Associates of CT to handle the task of your bank owned property professionally and efficiently. Contact us today.