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EQUITY APPRAISAL COMPANY is the company you should trust when it comes to bank owned properties in Macomb County Properties in foreclosure and houses that have gone back to the institution's possession create special appraisal challenges.
For a home in foreclosure, you need to understand the difference between market and a "quick disposition" value to know your possible charge-off liability. At EQUITY APPRAISAL COMPANY, we have the training in both providing snapshots of market value for our mortgage lending and servicing clients, in addition to "quick sale" forecasts that factor in your urgency.
Owners of homes in foreclosure, of course, can present unique challenges. For example, they may be uncooperative when it comes to allowing the appraiser access to the home. If they deserted the home already, they could have ignored the care of the house for quite awhile - or worse, damaged the home.
You'll be interested in an expedited disposition if the property has gone back to bank owned. So you need to know and review three values: "as-is", "as repaired", and "quick sale". These symbolize:
- The value of the property without any repairs performed
- Possible value with the work due to make the property marketable at full market value - consistent with other real estate in the area
- Somewhere in between, with minimal investment in repairs - to sell the home quickly, most likely as a "fixer-upper"
Again, we understand your timeline and the special situation of an REO home, in addition to the special data you'll need - competing listings, neighborhood trends, and so forth. You can bank on EQUITY APPRAISAL COMPANY to take on the task of your bank owned property with expertise and professionalism. Contact us today.
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