Precise Home Appraisal Inc. is experienced when it comes to bank owned properties in W. Bloomfield, MichiganReal Estate in foreclosure and properties that have reverted to the financial institution's possession bring forth special appraisal difficulties.
For a home in foreclosure, you definitely need to understand the difference between the market price and a "quick disposition" to know your potential charge-off liability. At Precise Home Appraisal Inc., we have the training in both providing snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that understand your timeline.
Occupants of property in foreclosure could be opposed to allowing an inspection of the house, thus presenting special challenges. If they abandoned the property already, they might have not taken care of the property for quite awhile - or even worse, caused damage to the home.
You'll be interested in an expeditious disposition if the house has already gone back to bank owned. So you may want to know and compare three values: "as-is", "as repaired", and "quick sale". These symbolize:
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