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CONAWAY & ASSOCIATES, INC is the company you should trust when it comes to bank owned properties in SEMINOLE, Florida Homes that have gone back to the bank's control and houses in foreclosure create special appraisal challenges.
For a house in foreclosure, you need to understand the difference between market value and a "quick disposition" value to know your potential charge-off liability. The professionals at CONAWAY & ASSOCIATES, INC can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.
Owners of houses in foreclosure, of course, can present particular challenges: They may be opposed to allowing the appraiser access to the property. Often the properties have been ransacked, often by the former residents. Or, it's likely you'll discover nobody has occupied the house for months or the home neglected for long periods of time.
For real estate that has already gone back to Real Estate Owned, you most likely will want it off your hands as quickly as possible. But you might want to understand and examine the concepts of "as-is", "as repaired", and "quick sale" values. These correspond to:
- The value of the house without any repairs done to it
- Value with the work necessary to make the house marketable at full market value - commensurate with similar properties in the area
- With minor investment in repairs - to offload the home quickly, possibly to someone inclined to finish the job themselves
Again, we understand your timeline and the unique circumstances of a Real Estate Owned home, as well as the specific information you will need - competing listings, market trends, and so forth. You can count on CONAWAY & ASSOCIATES, INC to take on the appraisal of your REO professionally and efficiently. Contact us today.
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