Real estate in foreclosure and homes which have reverted to your institution's ownership present special appraisal challenges. For a property in foreclosure, in order to know the potential charge-off liability, a financial institution or private lender may need to know the difference between market value within normal marketing times as well as the quick disposition, or “Short Sale” value.
At InterIsland Appraisal, we have experience in providing valuations based upon your specific needs. Owners of property in foreclosure sometimes present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time - or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.
For a property that has already reverted to Real Estate Owned (REO), you will also be interested in a quick disposition, but you may want to know and compare three values: As-is: the value of the property without any work done to it As Repaired: with the work required to make the property marketable to full market value commensurate with competing properties in the area Quick Sale: with minimal investment in repairs – selling the property quickly, probably as a "fixer-upper." We understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need – competing listings, market trends, and the like.
As always, we are able to provide client references.