Homes in foreclosure and homes that have reverted to your institution’s ownership present special appraisal challenges. At Sage Appraisals, we’re more than ready and able to help.
For a property in foreclosure, you may need to know the difference between fair market value and “Forced Sale” value, to know your potential charge-off liability. At Sage Appraisals, we have experience in both fair market value for mortgage lending as well as “Forced Sale” values that understand your timeline.
Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time — or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.
For a property that has already reverted to Bank 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 “Forced 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.” Again, we understand your timeline and the unique circumstances, as well as the special information you’ll need — competing listings, market trends, and the like.
Please browse our website to learn more about our qualifications, expertise and services offered.