Make Sure Your Foreclosure & REO Appraisals Reflect Accurately
Market Value for “As Is,” “As Repaired,” and “Quick Sale” Properties
Turmoil in the residential real estate market presents unique challenges for everyone involved. These situations demand special knowledge and expertise, and professional appraisers must understand market dynamics.
3 Requirements to Get What You Need When You Need It
1. Appraisal Should Cover All Transaction Situations
As a lender, you may want to compare various property valuation situations. “As is,” “as repaired,” and “quick sale” conditions may be of interest. In addition, you need to make sure your appraisals are accurate and reflect current market values under multiple scenarios.
M&C Appraisals delivers everything you need to complete successful transactions in fluid markets. We cover all situations that you might want to consider, and deliver the necessary data to help you create the best solution for each property.
2. Appraisal Data Should Provide Supportable Valuations
Lender foreclosure and REO properties add an extra dimension to the appraisal process. Market dynamics cannot be ignored. It’s important to have a clear understanding of the factors that impact accurate valuations.
M&C Appraisals implements a Comprehensive Valuation Checklist for each foreclosure and REO property. Included are factors such as:
- Competing listings in the market area
- Current and updated market trends
- Number of days properties are on the market
- Any unusual market conditions
… plus any other considerations necessary to support valuations as an expert witness or for quick disposition situations.
3. Fast Report Turn Times, Without Sacrificing Accuracy
“Time is of the essence” has special meaning to lenders, especially when dealing with foreclosures and REO real estate. Unnecessary delays due to incomplete or late appraisal report deliveries are just not acceptable.
At M&C Appraisals, we implement a systematic reporting process using special data capture tools. This ensures that we can deliver accurate and complete reports in less than three days from the completion of our property evaluations—a 40 percent reduction in typical delivery time.