Homes in foreclosure and homes that have reverted to corporate ownership present special appraisal challenges.
For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value, to know your potential charge-off liability. We have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your time frame and mounting holding costs.
Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. The vast majority of our Greater St. Louis Region has seen a very limited amount of foreclosure activity during recent cycles since 2007. However some neighborhoods within of our service area have been hit hard, some as a result of the proliferation of sub-prime lending, others due to over-aggressive suburban development or urban re-development. Rising unemployment levels in the St. Louis region also have contributed to the problem. Whatever your needs are, we have the market knowledge, experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.
For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, most likely as a "fixer-upper." With prior experience acting as a seller of REO property, we understand your expedited time frames and the unique circumstances of an REO property, as well as the special information you'll need -- information as to the overall conditions and needed repairs, health and saftey hazards which may be present future complications, comparable competing listings, current market trends, timely, concise and coherent analysis.