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Appraisal Care, located in Long Beach, California is experienced when you need appraisals for foreclosures in the counties of Los Angeles and Orange, California There are specific appraisal challenges when it comes to a property in foreclosure or one that has gone back to the bank's control.
For a house in foreclosure, you would be wise to understand the difference between market value and a "quick disposition" value to know your likely charge-off liability. At Appraisal Care, we have the experience in both providing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that consider your time line.
Owners of homes in foreclosure, of course, can present particular challenges: They might be uncooperative when it comes to allowing an inspection of the property. Sometimes the houses have been vandalized, often by the residents. Or, it's common to discover the previous owners have moved out or the home languishing in disrepair for long periods of time.
For a house that has already returned to bank owned, you most likely will want it off your hands as quickly as possible. However, you may want to know about and review three values - "as-is", "as repaired", and "quick sale". These symbolize:
- The value of the house without any repairs performed
- Value with the repairs required to make the home marketable at full market value - consistent with competing real estate in the neighborhood
- Somewhere in between, with minor investment in repairs - to offload the home quickly, seemingly to someone who'd prefer to finish the job themselves
Again, we understand your time line and the specific situation of a Real Estate Owned home, in addition to the specific information you will need - competing listings, neighborhood trends, and the like. You can bank on Appraisal Care to handle the task of your REO with expertise and professionalism. Contact us today.
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