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Foreclosure and REO Appraisal in Hall County There are unique appraisal difficulties when we're talking about a house in foreclosure or one that has reverted to the financial institution's holding.
It's key to differentiate the meanings of "market value" and a "quick disposition" assessment to evaluate what losses you might realize when dealing with a house in foreclosure. At Georgia Highlands Appraisals, LLC , we have the background in both furnishing snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that consider your time line.
Owners of properties in foreclosure, naturally, can present specific challenges: They could be opposed to allowing an inspection of the house. If they deserted the house already, they may have neglected care of the property for awhile - or even worse, damaged the house.
For a house that has returned to Real Estate Owned, you probably will be seeking an expeditious resolution. In any case, you'll still want to consider three angles for figuring the value of the subject property:
- As Repaired. Value with the work necessary to make the house marketable at full market value - in accordance with competing houses in the area
- As-is. The value of the house without any work done to it
- Quick sale. With minor investment in repairs - to offload the home quickly, likely as a "fixer-upper"
Again, we understand your urgency and the specific circumstances of a bank owned property, in addition to the unique information you'll need - competing listings, market trends, and the like. You can rely on Georgia Highlands Appraisals, LLC to handle the appraisal of your REO professionally and efficiently. Contact us today.
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