Homes that have reverted to the bank's ownership and houses in foreclosure bring forth specific appraisal problems.
You should understand the difference between fair market worth and "quick disposition" value to evaluate what losses you could have to endure when dealing with a house in foreclosure. The professionals at Fort Neck Real Estate Appraisal, Inc. can provide both snapshots of fair market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your timeline.
Owners of houses in foreclosure can present specific challenges: They might be opposed to allowing an inspection of the home. They could have left the property already and/or ignored the care of the home for quite awhile - or gone as far as intentionally harmed the property.
You will be interested in a fast disposition if the house has already gone back to REO. So you may want to understand and examine three values - "as-is", "as repaired", and "quick sale". These represent: the worth of the house without any repairs done to it, with the repairs due to make the home marketable at full market value consistent with the other real estate in the neighborhood, and, somewhere in between, with minor investment in repairs - selling the property quickly, possibly to someone who'd rather finish the job themselves.
Again, we understand your time line and the special situation of an REO property, in addition to the special information you will need - competing listings, neighborhood trends, and the like. You can bank on Fort Neck Real Estate Appraisal, Inc. to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.
Fort Neck Real Estate Appraisal, Inc. is a full service Residential Real Estate Appraisal Company, based in Nassau County. We are dedicated to providing quality appraisal products and services tailored to our clients needs. Founded in 2005, we specialize in single family, two to four family homes, mixed use properties and high value residential properties in Nassau, Suffolk, Kings, Queens, Westchester, Rockland, Orange, and Bronx Counties in New York.
Fort Neck Real Estate Appraisal, Inc. 3883 Park Avenue Seaford, NY 11783