What is the difference between "fair market value" & a "quick disposition" value.
Fair market value is the value at which a home would typically sell, assuming knowledgable buyer and seller, with no distress factors involved (threat of foreclosure, divorce, death, etc). A "quick disposition" sale would be what a home would sell for in a faster than normal marketing time due to distress factors encouraging the seller to take a "lower than market value" offer.
Why would I need to know the difference between the two values?
What can you offer me, as a lender of a foreclosed property?
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.
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