Michael Smith Appraisals, Inc is experienced when it comes to bank owned properties in FloydThere are special appraisal challenges for a house in foreclosure or one that has returned to the bank's holding. For a house in foreclosure, you should recognize the difference between the fair market worth and "quick disposition" worth to know your likely charge-off liability. The professionals at Michael Smith Appraisals, Inc can provide both snapshots of fair market value for our mortgage originating clients, in addition to "quick sale" forecasts that take into account your time line. You need a company with the expertise to handle the unique dynamics of a foreclosure appraisal. For a company you can rely on, contact Michael Smith Appraisals, Inc. Owners of homes in foreclosure, of course, can present special challenges. They may be disinclined to allow an inspection of the home. They could have deserted the property already and/or overlooked the care of the home for quite some time - or gone as far as intentionally harmed the house. For a property that has already returned to bank owned, you probably will be seeking an expeditious disposition . However, you may want to understand and compare three values: as-is, as repaired, and "quick sale." These correspond to the value of the home without any work done to it, with the work needed to make the property marketable at full market value appropriate with similar homes in the neighborhood, and, somewhere in between, with minimal investment in repairs - selling the property quickly, possibly to someone who'd rather finish the job themselves. Again, we understand your timeline and the specific situation of a bank owned property, as well as the specific data you will need -- competing listings, market trends, and the like. You can rely on Michael Smith Appraisals, Inc to take on the task of your REO with expertise and professionalism. Contact us today. |