Call Michigan Appraising when you need valuations for Leelanau foreclosures

REO Appraisals in Leelanau County

There are various appraisal problems involved in a home in foreclosure or one that has reverted to the lender's ownership.

You need to differentiate the difference between fair market worth and "quick disposition" value to know your probable charge-off liability when dealing with a property in foreclosure. At Michigan Appraising, we have the training in both presenting snapshots of fair market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.

The professionals at Michigan Appraising have the training to deal with the special dynamics of a foreclosure appraisal. For a company you can count on, contact Michigan Appraising.

Owners of houses in foreclosure, of course, can present particular challenges. They could be unwilling to allow an inspection of the home. Sometimes the houses have been intentionally damaged, often by the former residents themselves. Or, it's likely you'll find a house at least abandoned or the home neglected for extended periods of time.

For real estate that has reverted to Real Estate Owned, you probably will want to get rid of it quickly . But you might want to understand and analyze three values: as-is, as repaired, and "quick sale." These correspond to the value of the home without any work done to it, with the repairs due to make the house marketable at full market value comparable with the other homes in the neighborhood, and, somewhere in the middle, with minimal investment in repairs - selling the property quickly, seemingly to someone inclined to finish the job themselves. Again, we understand your timeline and the unique situation of a Real Estate Owned home, as well as the unique data you'll need -- competing listings, market trends, and the like. You can rely on Michigan Appraising to take on the task of your REO professionally and efficiently. Contact us today.