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Real Estate Owned Appraisal in Sacramento County Real Estate in foreclosure and homes that have reverted to the financial institution's ownership bring forth unique appraisal problems.
When dealing with a property in foreclosure, it's important to understand market value versus a "quick disposition" price to analyze your probable charge-off liability. We can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your time constraints.
Special challenges may be present when dealing with owners of properties in foreclosure. They could be uncooperative to allowing an inspection of the house. Sometimes the subjects show signs of vandalism, unfortunately by the former residents. Or, it's common to find a house at a minimum abandoned or the home languishing in disrepair for extended periods of time.
For real estate that has already changed to Real Estate Owned, you probably will be going for an expedited disposition. In any case, you'll still want to consider three angles for looking at the value of the subject property:
- As Repaired. Value with the work required to make the home marketable at full market value - consistent with other homes in the area
- As-is. The value of the home without any work done to it
- Quick sale. With minor investment in repairs - to get rid of the home quickly, likely to someone who'd rather finish the job themselves
Again, we understand your urgency and the specific circumstances of a Real Estate Owned home, as well as the special data you'll need - competing listings, neighborhood trends, and the like. You can count on Fatzer Appraisal Group, Inc. to handle the appraisal of your bank owned property with expertise and professionalism. Contact us today.
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