Real Estate Owned and Foreclosure Appraisals in Bergen County
There are specific appraisal problems regarding a home in foreclosure or one that has returned to the lender's control.
You need to understand the difference between fair market value and "quick disposition" value to analyze your likely write-down liability when dealing with a property in foreclosure. At Gold Coast Appraisal Group LLC, we have the background in both supplying snapshots of fair market value for our mortgage clients, as well as "quick sale" forecasts that understand your time line.
You need a company who has the experience to work with the particular dynamics of a foreclosure appraisal. For a company you can count on, contact Gold Coast Appraisal Group LLC.
Owners of property in foreclosure, of course, can present special challenges. They could be disinclined to allow an inspection of the home. Often the subjects have been ransacked, often at the hands of the residents. Or, it's common to discover the previous owners have moved out or the home neglected for extended periods of time.
You will be interested in a speedy disposition if the home has gone back to REO. So you need to understand and review three values: as-is, as repaired, and "quick sale." These correspond to the worth of the home without any repairs done to it, with the repairs required to make the home marketable at full market value appropriate with the other properties in the area, and, somewhere in between, with minor investment in repairs - selling the property quickly, likely as a "fixer-upper". Again, we understand your urgency and the unique situation of an REO home, in addition to the unique data you will need -- competing listings, market trends, and the like. You can rely on Gold Coast Appraisal Group LLC to handle the appraisal of your REO professionally and efficiently. Contact us today.