Foreclosure/REO/Short Listing/Short Sale


Homes in foreclosure, pre-foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At On Time Appraisals, we're more than ready and able to help.  We deal with REO appraisals on a regular basis directly from financial institutions.  We've completed REO appraisals for many local banks such as Golden 1 Credit Union, as well as Fannie Mae, Bank of America, Chase and Wells Fargo.  We know what forms the banks are looking for as well as the report types which will help speed up the process.




For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value and asset valuation to know your potential charge-off liability. At On Time Appraisals, we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your timeline of less than 30, 60 or 90 days from listing date. 


Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.


For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like.  We have extensive experience in these areas.


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