REO Appraisal in Summit County
Houses that have gone back to the financial institution's holding and houses in foreclosure create specific appraisal difficulties.
It's important to know the difference between fair market value and "quick disposition" value to evaluate your probable charge-off liability when dealing with a home in foreclosure. At Appraisers of NE Ohio, we have the background in both producing snapshots of fair market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that understand your timeline.
We have the training to deal with the particular dynamics of a foreclosure appraisal. Contact Appraisers of NE Ohio for a company you can rely on.
Owners of property in foreclosure could be unwilling to allow an inspection of the house, thus presenting special challenges. Often the homes show signs of vandalism, unfortunately at the hands of the residents themselves. Or, it's common to discover nobody has occupied the house for months or the home languishing in disrepair for extended periods of time.
For a house that has gone back to REO, you probably will be interested in a quick disposition . But you may 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 necessary to make the home marketable at full market value commensurate with similar properties in the neighborhood, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, seemingly as a "fixer-upper". Again, we understand your time line and the unique situation of a Real Estate Owned house, as well as the special data you will need -- competing listings, market trends, and the like. You can bank on Appraisers of NE Ohio to take on the appraisal of your REO with expertise and professionalism. Contact us today.