Foreclosure is an action in which the lender, or bank, takes possession of the property. The primary goal of foreclosure is for the bank to try and recoup as much of their investment as possible. Foreclosures usually occur after the homeowner has vacated the home. In the event the homeowner refuses to leave, the foreclosure will occur after their eviction. Foreclosure details stick with the borrower for seven years and can have a negative impact on their financial future, especially if they plan to purchase another home in the near future.

Once the lender repossesses the home, they will order a real estate appraisal on the property to properly assess its fair market value. This will help determine the selling price of the property. Although this sounds like a fairly easy process, the real estate appraisal can be cumbersome when spiteful homeowners are involved. It’s not uncommon for vacated borrowers to neglect or intentionally damage the property out of spite. These instances can require significant repairs or replacements, thus affecting the property’s value. For this reason, it’s super important to hire a certified appraiser to take into account all these pieces of information.

Short sales, on the other hand, are quick sales of the home in which the value of the home is less than the amount owed. Short sales often result in financial losses, but if conducted right, it could pay off in the end. Short sales can only occur with the lender’s approval, and they may allow the homeowner to continue living in the home during the short sale period.

One Appraisal Group offers pre foreclosure and short sales appraisals for homeowners who are in default, mortgage lenders, government entities such as HUD and FHA, law firms, loan service providers, and other financial institutions that provide loans.

For all your short sale or pre-foreclosure appraisal needs, contact us today. We appraise real property throughout Arizona and offer high-quality appraisals with detailed opinions of value. We also provide “quick sales” forecasts that take into account your selling timeline. Call us at 480-382-2362 to get started!