Call 1st Appraisal Source when you need valuations for Bergen foreclosures

1st Appraisal Source is the company you should trust when you need appraisals for bank owned properties in New Jersey or New York

There are unique appraisal difficulties regarding a property in foreclosure or one that has returned to the financial institution's control.

For a house in foreclosure, you definitely need to recognize the gap between market price and a "quick disposition" price to know your potential charge-off liability. The professionals at 1st Appraisal Source can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that respect your pressing needs.

We have the qualifications to deal with the unique dynamics of a foreclosure appraisal. Contact 1st Appraisal Source for a company you can count on.

Special challenges can be present when working with owners of property in foreclosure. They may be opposed to allowing an inspection of the home. If they have abandoned the house already, they could have overlooked the care of the property for quite awhile - or unfortunately, caused damage to the house.

For real estate that has returned to Real Estate Owned, you most likely will be going for an expeditious resolution. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):

  • As Repaired. Value with the repairs needed to make the home marketable at full market value - appropriate with competing properties in the neighborhood
  • As-is. The value of the home without any repairs performed
  • Quick sale. Somewhere in between, with minor investment in repairs - to sell the property quickly, likely to someone inclined to finish the job themselves
Again, we understand your timeline and the specific circumstances of an REO house, as well as the specific information you will need - competing listings, market trends, and so forth. You can count on 1st Appraisal Source to take on the task of your bank owned property professionally and efficiently. Contact us today.