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REO Appraisals in Collin County
There are various appraisal challenges for a home in foreclosure or one that has reverted to the lender's ownership.
When dealing with a house in foreclosure, you need to recognize market value versus a "quick disposition" value to analyze your possible charge-off liability.
We can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your pressing needs.
Owners of property in foreclosure could be unwilling to allow an inspection of the home, thus presenting particular challenges.
They could have moved out of the property already and/or overlooked the care of the house for some time - or unfortunately, vandalized the house.
You'll be interested in a fast disposition if the property has reverted to bank owned. So you may want to know and review three values: "as-is", "as repaired", and "quick sale". These correspond to: - The value of the house without any work done to it
- Value with the work due to make the home marketable at full market value - commensurate with competing properties in the area
- Somewhere in between, with minor investment in repairs - to get rid of the home quickly, most likely to someone inclined to finish the job themselves
Again, we understand your urgency and the specific situation of a bank owned house, in addition to the special data you'll need - competing listings, market trends, and so forth. You can bank on Bain & Associates, Inc. Real Estate Appraisers to handle the task of your REO with expertise and professionalism. Contact us today.
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