Orders for appraisals of homes in San Diego in foreclosurehave increased for us in the past year. We are sorry to say we have gained so much experience in appraising REO property. We have seen it hit in all price ranges throughout the SoCal region. Some areas have statistically suffered more than others. We have always done REO appraisals in San Diego and Orange County. However, we are currently working with many risk management personnel almost daily.

"An appraiser is like a weatherman. God creates the weather and the weatherman reports it.
We try to explain to people that appraisers do not create value we just report it based on data in which we gather. We are not God.”  Robert Selover

Foreclosure/REO appraisal

Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At Selover Appraisal Service, 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 Selover Appraisal Service, 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. We gather data in marketing times and always include them in our reports. 

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.

We also take pictures of damaged areas and provide a cost to cure. Many investors like to know how much it will cost to make the property marketable.

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.

Please browse our website to learn more about our qualifications, expertise and services offered. We have state of the art technology.