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SCP APPRAISAL SERVICE is the company you should trust when you need appraisals for foreclosures in Sonoma County There are specific appraisal problems when we're talking about a property in foreclosure or one that has gone back to the lender's ownership.
For a house in foreclosure, you need to know the gap between market and a "quick disposition" value to know your possible charge-off liability. We can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into consideration your time line.
Occupants of houses in foreclosure could be disinclined to allow an inspection of the property, thus presenting specific challenges. If they abandoned the property already, they might have overlooked the care of the house for awhile - or worse, caused damage to the home.
For a house that has already returned to Real Estate Owned, you typically will want to get rid of it quickly. Regardless, you'll still want to consider three ways of looking at the value of the asset (or in some cases, liability):
- As Repaired. Value with the work required to make the house marketable at full market value - comparable with competing real estate in the neighborhood
- As-is. The value of the property without any repairs done to it
- Quick sale. With minimal investment in repairs - to offload the home quickly, seemingly to someone inclined to finish the job themselves
Again, we understand your time line and the specific circumstances of an REO property, as well as the unique information you'll need - competing listings, neighborhood trends, and so forth. You can rely on SCP APPRAISAL SERVICE to handle the task of your bank owned property with expertise and professionalism. Contact us today.
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