Andel Appraisals is experienced when it comes to the
Best Home Appraisers, bank owned properties in Arlington Heights, IllinoisThere are particular appraisal problems involved in a house in foreclosure or one that has gone back to the institution's possession.
For a property in foreclosure, you definitely need to know the difference between market price and a "quick disposition" assessment to know your possible charge-off liability. The professionals at Andel Appraisals can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that take into consideration your time constraints.
Owners of properties in foreclosureunfortunately can present special challenges. For example, they might be unwilling to allow an inspection of the property. Often the houses have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's likely you'll find a house at a minimum abandoned or the home languishing in disrepair for extended periods of time.
You will be interested in a quick disposition if the home has gone back to REO. So you might want to know about and review three values: "as-is", "as repaired", and "quick sale". These correspond to: