Los Angeles Property Appraisers Offer Valuable Services For REO Homes

March 27, 2011 - PRLog -- In a market with numerous home foreclosures and real estate-owned (REO) homes, opportunities for purchasing inexpensive properties abound. To determine the value of such properties in Southern California, Appraisal Evaluations, Inc., a Los Angeles Property Appraiser, has begun focusing on assisting their clients’ Loss Mitigation departments with REO Appraisals.

Foreclosure REO homes have gone through foreclosure, repossession and offered unsuccessfully for sale at auction. The mortgage holder typically tries to sell the home for the balance of the original mortgage. When the asking price is more than the home’s current market value and it fails to sell, it becomes an REO. A wide variety of REOs normally become available after a real estate bubble bursts.

Home appraisal values of foreclosed REO homes vary widely. The staff at Appraisal Evaluations, Inc. has extensive experience with foreclosure homes and REO properties. With over 100 years of combined experience, the firms’ professional staff can provide a fair home appraisal value and do it quickly.

Foreclosure and REO homes offer investors with a myriad of opportunities for purchasing homes inexpensively and reselling them at a profit. REO and foreclosed homes can sell for 40 to 60 percent below normal market value. Home appraisal values become particularly important, as many REO homes can require extensive repairs, renovations or remodeling before they’re in any condition to resell.  Appraisers consider a number of factors when appraising a home, including its overall condition and size, the neighborhood where it’s located and the value of comparable homes in the same area.

There are many programs to help homeowners purchase REOs and distressed properties. Investors need to exercise care when purchasing an REO. Such programs are full of stipulations and specific criteria and an REO home may not qualify for traditional methods of financing. It’s important to obtain a home appraisal value in the event that creative financing must be arranged to make a sale.

Investors purchasing a foreclosure or REO home may have to wait for just the right buyer to make a sale and home appraisal values are especially important when weighing the cost of the home with any maintenance or upkeep that may be involved, such as mowing the grass, securing swimming pools, repairing fencing and similar procedures. According to the firms’ Chief Valuation Officer, Jason Fischman, IFA, “More often than not, the REO properties we appraise suffer from severe deferred maintenance.  We see homes where the prior owner simply let the condition go, to homes that have been vandalized and are missing complete bathrooms and kitchens.  Part of the appraisal we provide to our clients is a itemized breakdown of repairs that will be required to bring the property up to marketable condition.”

Another factor to consider is the location of the property, which will significantly affect home appraisal values. REO homes are often situated in less than desirable neighborhoods where the demand is low or almost non-existent. They can be targets for vandalism and extensive precautions may be required to protect the home from further damage.

AppraisalEvaluations.com provides premium appraisal services for a wide variety of properties. Established in 1989, the firm is the premiere property appraiser in Los Angeles County. The professionals at the firm have extensive experience at evaluating and providing home appraisal values. They work with single-family homes, new and planned construction projects, small residential income properties, condos, cooperative unit and planned unit developments (PUDs). The firm also maintains a blog that addresses various appraisal-related concerns that can be found at http://www.losangelesappraiser.org.

With over 100 years of combined experience, the Los Angeles Appraisers at Appraisal Evaluations, Inc. provide expert opinions of value, for the most accurate home appraisals available. They provide critical services for both lenders and anyone thinking of investing in foreclosure homes or REO properties.

Appraisal Evaluations, Inc. is located at 233 N. Maclay Ave., #310 in San Fernando. The firm can be reached by phone at 818-698-1501, by fax at 818-332-4188, or via email at info@appraisalevauations.com. For more information, visit the website at http://www.appraisalevaluations.com

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Appraisal Evaluations, Inc. is the premier Los Angeles Property Appraiser, Serving The Southern California Since 1989..
http://www.losangelesappraiser.org/los-angeles-appraiser