Real Estate Owned (REO) and Foreclosure Appraisals in New York:
Houses in foreclosure and houses that have reverted to the financial institution present special appraisal challenges.
Occupants of property in foreclosure may be uncooperative to allowing an inspection of the property, thus presenting specific challenges. If they have abandoned the home already, they could have overlooked the care of the property for awhile – or even worse, damaged the house.
You’ll be interested in a speedy disposition if the home has gone back to bank owned. So you need to know about and examine three values: “as-is”, “as repaired”, and “quick sale”. These symbolize:
Again, we understand your timeline and the specific circumstances of a Real Estate Owned home, in addition to the unique information you will need – competing listings, neighborhood trends, and the like. You can count on The REIS Group to handle the appraisal of your bank owned property professionally and efficiently. Contact us today.