REO Appraisal in Passaic County
There are unique appraisal problems when it comes to a home in foreclosure or one that has reverted to the financial institution's possession.
You need to know the difference between fair market worth and "quick disposition" value to know your probable charge-off liability when dealing with a property in foreclosure. We can provide both snapshots of fair market value for our mortgage servicing clients, in addition to "quick sale" forecasts that respect your time line.
We have the training to work with the special dynamics of a foreclosure appraisal. For a company you can rely on, contact Hoyt Appraisal, LLC.
Owners of properties in foreclosure, of course, can present special challenges. They may be unwilling to allow an inspection of the house. Sometimes the properties show signs of vandalism, unfortunately by the residents themselves. Or, it's likely you'll find nobody has occupied the house for months or the home languishing in disrepair for long of time.
You'll be interested in a speedy disposition if the property has gone back to Real Estate Owned. So you may want to know and analyze three values: as-is, as repaired, and "quick sale." These represent the worth of the property without any repairs performed, with the repairs necessary to make the house marketable at full market value consistent with competing real estate 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 timeline and the specific circumstances of a Real Estate Owned property, as well as the special information you will need -- competing listings, neighborhood trends, and so forth. You can rely on Hoyt Appraisal, LLC to handle the task of your REO professionally and efficiently. Contact us today.