REO and Foreclosure Appraisal in Los Angeles County
There are unique appraisal challenges when we're talking about a home in foreclosure or one that has returned to the bank's ownership.
For a property in foreclosure, you should recognize the difference between fair market price and "quick disposition" price to know your potential charge-off liability. At All City Appraisal, we have the training in both supplying snapshots of fair market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your urgency.
You need a company with the experience to handle the unique dynamics of a foreclosure appraisal. For a company you can trust, contact All City Appraisal.
Special challenges may be present when dealing with owners of properties in foreclosure. They might be unwilling to allow an inspection of the home. Often the houses have been vandalized, unfortunately at the hands of the residents themselves. Or, it's common to discover the residents have moved out or the home neglected for extended periods of time.
If your house has returned to bank owned, you will interested in a speedy disposition. But you might want to understand and compare three values: as-is, as repaired, and "quick sale." These represent the worth of the house without any repairs performed, with the work due to make the house marketable at full market value commensurate with the other real estate in the neighborhood, and, somewhere in between, with minor investment in repairs - selling the property quickly, possibly as a "fixer-upper". Again, we understand your urgency and the unique situation of a bank owned house, as well as the unique data you will need -- competing listings, neighborhood trends, and the like. You can bank on All City Appraisal to take on the task of your REO with expertise and professionalism. Contact us today.