Miller Realty is experienced when you need appraisals for foreclosures in Hawthorne, CaliforniaThere are particular appraisal difficulties for a home in foreclosure or one that has reverted to the lender's control.
For a home in foreclosure, you may need to know the difference between the fair market worth and "quick disposition" worth to know your probable charge-off liability. At Miller Realty, we have the training in both presenting snapshots of fair market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.
Owners of homes in foreclosureunfortunately can present special challenges. They may be uncooperative when it comes to allowing the appraiser access to the house. Often the properties show signs of vandalism, unfortunately at the hands of the residents. Or, it's common to find a house at least abandoned or the home languishing in disrepair for long of time.
You'll be interested in an expedited disposition if the home has already reverted to REO. So you need to know and analyze three values - "as-is", "as repaired", and "quick sale".
These correspond to: the worth of the house without any repairs done to it, with the repairs called for to make the property marketable at full market value corresponding with similar real estate in the area, and with minor investment in repairs - selling the property quickly, probably as a "fixer-upper".