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REO and Foreclosure Appraisal in Miami-Dade County
Houses that have returned to the financial institution's control and homes in foreclosure create particular appraisal problems.
When there is a house in foreclosure, you should differentiate market value versus a "quick disposition" value to evaluate your probable charge-off liability.
At Ralph Martin & Associates, Inc., we have the training in both producing snapshots of market value for our mortgage clients, in addition to "quick sale" forecasts that consider your pressing needs.
Owners of homes in foreclosure, naturally, can present specific challenges. For example, they may be unwilling to allow the appraiser access to the property.
If they abandoned the house already, they might have not taken care of the property for quite some time - or worse, ransacked the property.
For real estate that has reverted to bank owned, you most likely will be seeking an expeditious disposition. In any case, you'll still want to consider three ways of looking at the value of the asset:- As Repaired. Value with the work due to make the home marketable at full market value - appropriate with other real estate in the neighborhood
- As-is. The value of the house without any work done to it
- Quick sale. Somewhere in between, with minor investment in repairs - to sell the property quickly, most likely to someone inclined to finish the job themselves
Again, we understand your timeline and the special circumstances of a bank owned home, in addition to the specific data you'll need - competing listings, neighborhood trends, and the like. You can bank on Ralph Martin & Associates, Inc. to take on the task of your bank owned property professionally and efficiently. Contact us today.
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