Professional Appraisal Group is experienced when it comes to bank owned properties in Waterford, Michigan
Houses in foreclosure and houses that have gone back to the financial institution’s control bring forth various appraisal challenges.
For a property in foreclosure, you definitely need to recognize the gap between market price and a “quick disposition” to know your possible charge-off liability. Professional Appraisal Group has the training in both producing snapshots of market value for our mortgage lending clients, as well as “quick sale” forecasts that take into consideration your time constraints.
Particular challenges may be present when working with owners of property in foreclosure. They may be disinclined to allow an inspection of the property. If they moved out of the house already, they could have ignored the care of the home for a long time – or unfortunately, caused damage to the home.
For a home that has already changed to bank owned, you most likely will be interested in an expedited resolution. In any case, you’ll still want to consider three ways of looking at the value of the real estate at hand:
- As Repaired. Possible market value with the work called for to make the home marketable at full market value – consistent with competing real estate in the neighborhood
- As-is. The market value of the home without any work performed
- Quick sale. Somewhere in the middle, with minor investment in repairs – to offload the home quickly, likely as a “fixer-upper”
Again, we understand your urgency and the specific circumstances of an REO property, in addition to the unique data you will need – competing listings, market trends, and so forth. You can count on Professional Appraisal Group to take on the task of your REO with expertise and professionalism.