Foreclosure/REO Appraisals in Northeast Michigan
There are specific appraisal difficulties when it comes to a home in foreclosure or one that has reverted to the lender's control.
When dealing with a property in foreclosure, it's important to understand market value versus a "quick disposition" value to analyze your probable charge-off liability. The professionals at Herzog Appraisal can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your time line.
Special challenges might be present when dealing with owners of houses in foreclosure. They may be uncooperative to allowing an inspection of the property. If they abandoned the home already, they might have not taken care of the house for quite some time - or unfortunately, caused damage to the house.
For a house that has returned to Real Estate Owned, you probably will want to get rid of it quickly. Regardless, you'll still want to consider three angles for figuring the value of the subject property:
Again, we understand your timeline and the special circumstances of a Real Estate Owned property, as well as the unique information you'll need - competing listings, neighborhood trends, and so forth. You can rely on Herzog Appraisal to handle the task of your bank owned property professionally and efficiently. Contact us today.