Jay Flanagan is experienced when you need appraisals for bank owned properties.
There are specific appraisal challenges regarding a property in foreclosure or one that has gone back to the bank’s control.
When dealing with a house in foreclosure, you need to know the difference between fair market worth and “quick disposition” value to know your likely charge-off liability. Jay Flanagan has the knowledge in both furnishing snapshots of fair market value for our mortgage lending clients, as well as “quick sale” forecasts that understand your time constraints.
Owners of in foreclosure might be disinclined to allow an inspection of the house, thus presenting unique challenges. If they deserted the property already, they may have ignored the care of the house for some time – or worse, ransacked the home.
You’ll be interested in a speedy disposition if the property has returned to bank 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 work due to make the house marketable at full market value corresponding with similar homes in the area, and, somewhere in the middle, with minor investment in repairs – selling the property quickly, probably to someone inclined to finish the job themselves. Again, we understand your timeline and the unique circumstances of an REO house, in addition to the special information you will need — competing listings, neighborhood trends, and the like. You can bank on Jay Flanagan to handle the appraisal of your REO professionally and efficiently.