Foreclosure and Real Estate Owned Appraisals in Saint Louis County
There are specific appraisal challenges regarding a property in foreclosure or one that has gone back to the institution's ownership.
It's key to recognize the difference between fair market value and "quick disposition" value to evaluate what losses you stand to have to endure when dealing with a house in foreclosure. We can provide both snapshots of fair market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your time constraints.
The professionals at The August Group Inc. have the experience to handle the specific dynamics of a foreclosure appraisal. Contact The August Group Inc. for a company you can count on.
Occupants of in foreclosure may be unwilling to allow an inspection of the property, thus presenting unique challenges. Often the subjects show signs of vandalism, unfortunately at the hands of the former residents. Or, it's likely you'll find nobody has occupied the house for months or the home languishing in disrepair for extended periods of time.
You'll be interested in an expeditious disposition if the property has changed to Real Estate Owned. So you need to know and examine three values: as-is, as repaired, and "quick sale." These represent the value of the home without any work performed, with the repairs due to make the property marketable at full market value consistent with the other properties in the neighborhood, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, possibly to someone who'd rather finish the job themselves. Again, we understand your time line and the unique circumstances of a bank owned home, in addition to the specific information you will need -- competing listings, market trends, and the like. You can rely on The August Group Inc. to handle the appraisal of your REO with expertise and professionalism. Contact us today.