Homes in foreclosure and homes that have reverted to an institution's ownership present special appraisal challenges. Delaware Appraisals, Inc, is experienced in providing this service.
For a property in foreclosure, we can supply the difference between fair market value and "quick disposition" value, to determine the potential charge-off liability. We have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts 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. Vacated homes can also be subject to being broken into for the purpose of stripping the dwelling of copper pipes and wiring, along with other materials. We have the experience and training to deal with the special dynamics of a foreclosure real estate appraisal, and you should not hesitate to rely on us.
For a property that has already reverted to Real Estate Owned, the client may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the values 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 the timelines and the unique circumstances of an REO property, as well as the special information needed -- competing listings, market trends, and the like. Call 973.715.1700