Drake Appraisals is experienced when you need appraisals for foreclosures in ElkoThere are specific appraisal challenges for a property in foreclosure or one that has reverted to the financial institution's control. For a house in foreclosure, you need to recognize the gap between the fair market and "quick disposition" to know your probable charge-off liability. At Drake Appraisals, we have the background in both supplying snapshots of fair market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your urgency. You need a company with the experience to handle the particular dynamics of a foreclosure appraisal. Contact Drake Appraisals for a company you can trust. Particular challenges might be present when working with owners of homes in foreclosure. They could be opposed to allowing an inspection of the house. They may have moved out of the house already and/or overlooked the care of the house for a long time - or even worse, vandalized the home. You'll be interested in a speedy disposition if the home has changed to Real Estate Owned. So you may want to know and review three values: as-is, as repaired, and "quick sale." These correspond to the value of the property without any work performed, with the work necessary to make the house marketable at full market value comparable with similar houses in the neighborhood, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, most likely to someone inclined to finish the job themselves. Again, we understand your time line and the specific situation of an REO house, as well as the special information you'll need -- competing listings, market trends, and so forth. You can bank on Drake Appraisals to take on the appraisal of your REO with expertise and professionalism. Contact us today. |