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REO and Foreclosure Appraisal in Orange County
Properties that have reverted to the financial institution's ownership and homes in foreclosure create various appraisal challenges.
When dealing with a home in foreclosure, it's important to understand market value versus a "quick disposition" assessment to evaluate your probable charge-off liability.
At Blanton Appraisal Services, Inc., we have the training in both presenting snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that consider your time constraints.
Owners of homes in foreclosure can present special challenges: For example, they could be uncooperative when it comes to allowing an inspection of the home.
If they abandoned the home already, they could have not taken care of the property for some time - or unfortunately, caused damage to the property.
For real estate that has already returned to bank owned, you probably will want to get rid of it quickly. In any case, you'll still want to consider three ways of determining the value of the subject property:- As Repaired. Value with the work required to make the property marketable at full market value - comparable with similar real estate in the area
- As-is. The value of the home without any repairs done to it
- Quick sale. Somewhere in the middle, with minimal investment in repairs - to sell the home quickly, likely to someone who'd prefer to finish the job themselves
Again, we understand your urgency and the special situation of a bank owned property, as well as the unique information you will need - competing listings, neighborhood trends, and the like. You can count on Blanton Appraisal Services, Inc. to take on the appraisal of your bank owned property with expertise and professionalism. Contact us today.
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