profile picture

Call Spectrum Appraising to discuss appraisals for Pinellas foreclosures

Spectrum Appraising is the company you should trust when you need appraisals for bank owned properties in the Tampa Bay Area 

There are specific appraisal challenges when it comes to a house in foreclosure or one that has reverted to the institution's ownership.

It's key to recognize the meanings of "market value" and a "quick disposition" value to evaluate what losses you could have to endure when dealing with a property in foreclosure. At Spectrum Appraising, we have the training in both furnishing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that consider your urgency.

We have the qualifications to deal with the special dynamics of a foreclosure appraisal. For a company you can count on, contact Spectrum Appraising.

Owners of properties in foreclosure unfortunately can present special challenges: They could be disinclined to allow an inspection of the home. They may have abandoned the home already and/or ignored the care of the property for awhile - or even worse, intentionally harmed the property.

For a house that has already gone back to Real Estate Owned, you probably will want to get rid of it quickly. Regardless, you'll still want to consider three ways of figuring the value of the real estate at hand:

  • As Repaired. Possible market value with the repairs called for to make the home marketable at full market value - consistent with other real estate in the area
  • As-is. The value of the home without any work done to it
  • Quick sale. With minimal investment in repairs - to get rid of the home quickly, likely as a "fixer-upper"
Again, we understand your time line and the unique circumstances of a Real Estate Owned property, as well as the specific data you will need - competing listings, market trends, and the like. You can rely on Spectrum Appraising to handle the appraisal of your REO with expertise and professionalism. Contact us today.