Forclosure
Homes in foreclosure and properties that have gone back to the lender's holding bring forth specific appraisal problems. You should recognize the meanings of "market value" and a "quick disposition" price to analyze your potential write-down liability when dealing with a home in foreclosure. At Boise Valley Appraisal, we have the experience in both furnishing snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that factor in your pressing needs.
Owners of houses in foreclosure might be uncooperative to allowing an inspection of the home, thus presenting unique challenges. Often the subjects have been vandalized, unfortunately by the residents themselves. Or, it's likely you'll find a house at least abandoned or the home neglected for extended periods of time.
You'll be interested in a fast disposition if the house has reverted to bank owned. So you might want to understand and review three values: "as-is", "as repaired", and "quick sale". These symbolize:
Owners of houses in foreclosure might be uncooperative to allowing an inspection of the home, thus presenting unique challenges. Often the subjects have been vandalized, unfortunately by the residents themselves. Or, it's likely you'll find a house at least abandoned or the home neglected for extended periods of time.
You'll be interested in a fast disposition if the house has reverted to bank owned. So you might want to understand and review three values: "as-is", "as repaired", and "quick sale". These symbolize:
- The value of the house without any work done to it
- Possible value with the repairs required to make the property marketable at full market value - consistent with competing homes in the area
- Somewhere in the middle, with minimal investment in repairs - to sell the property quickly, seemingly to someone inclined to finish the job themselves
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