ARV, Inc. is experienced when you need appraisals for bank owned properties in Macomb, Wayne, Oakland, and Washtenaw MichiganThere are various appraisal challenges regarding a property in foreclosure or one that has returned to the bank's holding.
When there is a house in foreclosure, you need to ascertain market value versus a "quick disposition" price to evaluate your probable charge-off liability. We can provide both snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your time constraints.
Unique challenges may be present when working with owners of homes in foreclosure. They could be uncooperative to allowing an inspection of the property. Often the homes have been vandalized, unfortunately at the hands of the former residents. Or, it's common to find a house at a minimum abandoned or the home languishing in disrepair for long periods of time.
For real estate that has gone back to REO, you most likely will be going for an expedited resolution. In any case, you'll still want to consider three angles for determining the value of the subject property: