When the lender holds a home in foreclosure or already has repossesses a property, it presents certain appraisal challenges. Pilgrim Colonial is experienced and ready to work on this type of appraisal.
For a property in foreclosure, you may need to know the difference between fair market value and “quick disposition” value, to know your potential charge-off liability. Pilgrim Colonial Appraisal Services is experienced in both providing data regarding fair market value for our mortgage lending and servicing clients as well as “quick sale” forecasts that understand your timeline.
Inspections can be sensitive when a homeowner is present. If the homeowner has already abandoned the property, there may be deferred maintenance or damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal. Consider talking to one of our appraisers today to handle this matter.
For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and “quick sale.” These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs — selling the property quickly, probably as a “fixer-upper.” We understand your unique circumstances of an REO property, as well as the special information you’ll need. Order Today
