Real Estate Owned
REO’s and Short Sale Appraisals
Houses in foreclosure and houses that have reverted to the bank’s possession present specific appraisal challenges. For a house in foreclosure, you would be wise to know the difference between market price and a “quick disposition” assessment to know your probable charge-off liability. The professionals at Bolton Appraisal Services can provide both snapshots of market value for our mortgage originating clients, in addition to “quick sale” forecasts that understand your time line.
The professionals at Bolton Appraisal have the qualifications to work with the unique dynamics of a foreclosure appraisal. For a company you can trust, contact Bolton Appraisal.
Owners of homes in foreclosure can present special challenges: They may be disinclined to allow us access to the house. They could have deserted the house already and/or ignored the care of the property for quite awhile – or worse, caused damage to the property. If you’re dealing with a house that has returned to REO, you will interested in a speedy disposition. But you might want to understand and examine three values: as-is, as repaired, and “quick sale”. These symbolize:
The value of the house without any repairs done to it
Possible value with the work required to make the house marketable at full market value – consistent with similar homes in the area
With minor investment in repairs – to offload the home quickly, probably to someone who’d rather finish the job themselves
Again, we understand your timeline and the special situation of an REO house, in addition to the specific data you will need – competing listings, market trends, and the like. You can depend on Bolton Appraisal to handle the appraisal of your bank owned property with expertise and professionalism. Contact us today.