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Call Herzog Appraisal to discuss valuations pertaining to Iosco foreclosures 

Foreclosure/REO Appraisals in Northeast Michigan

There are specific appraisal difficulties when it comes to a home in foreclosure or one that has reverted to the lender's control.

When dealing with a property in foreclosure, it's important to understand market value versus a "quick disposition" value to analyze your probable charge-off liability. The professionals at Herzog Appraisal can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your time line.

You need a company who has the training to work with the particular dynamics of a foreclosure appraisal. For a company you can count on, contact Herzog Appraisal.

Special challenges might be present when dealing with owners of houses in foreclosure. They may be uncooperative to allowing an inspection of the property. If they abandoned the home already, they might have not taken care of the house for quite some time - or unfortunately, caused damage to the house.

For a house that has returned to Real Estate Owned, you probably will want to get rid of it quickly. Regardless, you'll still want to consider three angles for figuring the value of the subject property:

  • As Repaired. Value with the repairs required to make the property marketable at full market value - in accordance with competing houses in the area
  • As-is. The market value of the house without any repairs performed
  • Quick sale. Somewhere in the middle, with minimal investment in repairs - to sell the property quickly, probably as a "fixer-upper"

Again, we understand your timeline and the special circumstances of a Real Estate Owned property, as well as the unique information you'll need - competing listings, neighborhood trends, and so forth. You can rely on Herzog Appraisal to handle the task of your bank owned property professionally and efficiently. Contact us today.