Passage Appraisal, LLC is a company you can trust when investing in Bank Owned Properties.Houses that have gone back to the financial institution's possession and houses in the process of foreclosure bring forth various appraisal challenges. For a house in foreclosure, you should know the difference between the fair market price and 'quick disposition' to know your probable charge-off liability. Passage Appraisal, LLC has the knowledge in both producing snapshots of fair market value for our mortgage originating clients, in addition to 'quick sale' forecasts that take into consideration your timeline.
You need a company with the training to work with the specific dynamics of a foreclosure appraisal. Specific challenges might be present when working with owners of properties in foreclosure. Some might be unwilling to allow an inspection of the property, the home might already be deserted and/or ignored by the property owner for a time - or, unfortunately, damaged.
If your property has already gone back to 'Real Estate Owned,' you may be interested in a quick disposition. However, you might want to know about and compare three values: 'as-is,' 'as repaired,' and/or 'quick sale.' These represent the value of the home without any repairs performed, with the repairs called for to make the home marketable at full market value corresponding with similar real estate in the neighborhood, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, likely as a 'fixer-upper.' |