rightForeclosure/REO appraisal

Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At Campbell & Associates Appraisers, Inc., we're more than ready and able to help.

For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value, to know your potential charge-off liability. At Campbell & Associates Appraisers, Inc., 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. 


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.


According to the Sun-Sentinel article newspaper published on December 18, 2006 by Paul Owers "Florida leads the Southeast in filings and is second only to California in total foreclosures nationwide, according to ForeclosureS.com, a Sacramento-based real estate investment advisory firm. More than 107,500 Florida property owners have filed for foreclosure so far in 2006. That's already an increase of 13 percent from the 95,269 who filed for all of last year. The company cited defaults in Broward and Miami-Dade counties as contributing to the rise. Nationwide, nearly 877,000 homeowners were in foreclosure so far this year, up 37 percent from the 640,454 who filed last year, ForeclosureS.com said.

Another firm, Boca Raton-based Foreclosure.com, counts only properties that are in foreclosure, meaning lenders are moving to take back the homes. The Mortgage Bankers Association also separates mortgage delinquencies from actual foreclosures.
In a quarterly snapshot of the mortgage market released last week, the Mortgage Bankers reported that the percentage of mortgage payments that were 30 or more days past due for all loans tracked jumped to 4.67 percent in the July-to-September third quarter."

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