Short Sales and Pre-foreclosure are two important processes in the real estate market. Before opting for any one of these process, it is essential to appraise the property properly. This is not only important for the lender, but also for the owner of the property. Rockland Pre-Foreclosure & Short Sales services is designed towards catering a diverse set of stakeholder in the real estate market that includes homeowners, banks, mortgage lenders, HUD, financial institutions and also law firms.
There are many intricate legal restrictions that may pose a hurdle for the seller and the lender while taking ownership or selling the property for mortgage recovery or write-off. Further, with the ever changing market dynamics in Rockland, Pre-Foreclosure & Short Sales becomes essential to ensure that there is a minimal loss on investment.
To understand the intricacies of short sale and pre closure it is necessary to comprehend the difference among foreclosure, pre-foreclosure and short sales.
Foreclosure is the scenario when the lender, in most cases the bank, has taken repossession of the property through legal means. Pre-foreclosure is where the owner has missed a payment and there is a probable chance of foreclosure by the lender. Short sales happen when the mortgage value is higher than the current market price of the property.
It is not always necessary that a pre-foreclosure will result in foreclosure. Similarly, opting for short sales is only possible when the lender agrees to it. Although, short sales are less costly for lender as compared to foreclosure, but it needs to be checked whether in reality the mortgage value is higher than the property value. Moreover, the owner has to undergo a lot of paper works, and has to prove their depleting financial conditions along with their incapability to pay mortgage in future.
Regional Real Estate Appraisal Service has a greater understanding of the real estate market and appraises the real estate throughout the Rockland region. Proper study of the property, estimating the actual property value and loss incurred on foreclosure and short sales have to be identified before reaching a conclusion. Rockland Pre-Foreclosure & Short Sales service offered by Regional Real Estate Appraisal Service considers all these factors in its report. The report includes detailed discussion of the fair market value and includes a quick sale forecast under the given timeline. Especially, in case of commercial property it is essential to calculate the difference in the fair market value and quick disposition value to estimate the charge off liability.
Give us a call today with any questions you might have and also check out our ‘Praise’ page and see what others are saying about John Callanan and the Regional Real Estate Appraisal Service.