Foreclosure / REO

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.
It is vital to ascertain the meanings of “market value” and a “quick disposition” price to know your potential write-down liability when dealing with a home in foreclosure Appraisals. REIS Group has the experience in both providing snapshots of market value for our mortgage lending clients, as well as “quick sale” forecasts that understand your urgency.

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:

  • The value of the home without any work performed
  • Value with the work necessary to make the property marketable at full market value – appropriate with other real estate in the area
  • With minor investment in repairs – to sell the property quickly, seemingly to someone who’d prefer to finish the job themselves

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.