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“Timothy Coester is one of the most highly respected real estate appraaisers in the washington D.C. area and has a reputation for training quaality appraissers”
REO Properties and REO Appraisals:
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Coester Appraisal Group offers REO Valuations for Pre-Foreclosure and Foreclosure activity. An REO valuation is unique as it assists the note owner in making a decision to foreclose, modify, or short sale the home. The accuracy of these valuations is critical as a lower or higher number could cause someone to make a bad decision or a good one. REO properties are unique as they come in all conditions and each have their own unique set of problems in regards to valuating the property. Various techniques are used to value REO properties from an AVM, BPO, Drive-By or full appraisal. Each is used for a different purpose and at a different stage of the process. An AVM might be used when a borrower misses a few payments, a BPO as risk increases and the borrower become sub performing, a Drive-By when foreclosure is starting and then a full blown appraisal after ownership is taken. The most accurate valuation is by far the full appraisal with the REO addendum; however, due to the property being occupied, sometimes this is not an option until ownership has taken place. If the property is going to be sold right away sometimes having a realtor provide a BPO Valuation is a good course to follow as they typically have a few buyers lined up and could sell. The cost is much less than a full appraisal. Regardless of which course you choose Coester Appraisal Group offers a full service REO Properties and helps in the sale of multiple REO properties.
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