Bankruptcy and Foreclosure Appraisals

If you are undergoing a bankruptcy or foreclosure in the Los Angeles area, Golden State Appraisals, Inc. can help. Our licensed professionals understand the complexities involved in assessing the value of a property under these difficult circumstances and can help make the process a smoother one.

A foreclosure can be a long and complicated process. If your mortgage payment is more than 90-120 days late, the lender will require you to complete a foreclosure appraisal. This document will provide you with the fair market value of your home, which is different from the value of your home if sold as-is, as-repaired or as a short sale.

During bankruptcy, an appraisal of your home is required in order for the bank to calculate your net assets. The homeowner is responsible for completing the valuation assessment and the deadlines are usually tight. Missing a deadline could be detrimental to the process, which is why Golden State Appraisals, Inc. can assist with completing the paperwork in a timely manner.

A bankruptcy or foreclosure appraiser from Golden State Appraisals, Inc. will use state-of-the-art technology to assure that your valuation is accurate and speedy. Our licensed professionals are in good standing with the Office of Real Estate Appraisers (OREA) and are available seven days a week for your convenience

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What's the whole process?

How it Works

Step 1: Research

Once an appraisal has been ordered, our staff will begin to research recorded information regarding the subject property. Golden State Appraisals, Inc. maintains access to numerous specialized data bases in order to obtain property information and data. Potential comparable properties are identified for further investigation. The research process is on-going and continues throughout the entire appraisal process up until the time the assignment is complete. Bankruptcy appraisals require the professional skills and data bases used by our company to obtain and research comparable property information and market analysis. Our knowledge of individual market trends and conditions is an invaluable resource in times of recession, when housing values and mortgage payments may play a significant role in the decision to file for bankruptcy.

Step 2: Inspection

A physical inspection of the property is scheduled at the time of order. Golden State Appraisals, Inc. offers appointments 7 days a week, for your convenience in scheduling. Our office staff will be happy work with you to ensure you secure an appointment that works best for the scheduling concerns of all parties involved.

The physical inspection generally takes anywhere from 20 minutes to 1 hour, depending on the size and condition of the property being inspected. Usually a full inspection is requested for bankruptcy-related assignments. This type of appraisal required the appraiser to take measurements, and view, photograph and document all components of the property, both exterior and interior. We also offer exterior-only or "drive-by" appraisals, for those assignments that do not require the full inspection.

Step 3: Reporting

The appraiser's findings and photographs are input into an appraisal report, specifically designed and formatted for the type of assignment completed. A detailed market analysis is conducted, and important documentation such as location mapping, plat maps, and appraiser sketches are added into the report, with the aid of cutting edge software. The report is delivered electronically to our client, via emailed PDF, upon completion. A hard copy may be requested at no additional charge. Typically, a report is completed 24-72 hours after the inspection.

Step 4: Testimony

Often expert testimony may be requested from the appraiser to explain his/her opinion of value determined by the appraisal report. Sometimes all that is required is a signed and dated disclosure from the appraiser. In either case, the appraiser who completed the report will be available to follow-up and provide whatever is needed to support their findings. All Golden State Appraisal, Inc. appraisers are experienced and comfortable in a courtroom setting, and are able to present their findings in a professional and clear manner. We conduct ALL appraisals as if they were going to be presented in court, so that you are guaranteed of a professional, legally-defendable opinion of value. Our office is aware of the unique time constraints often involved with bankruptcy appraisals and will work with you and your attorney or CPA to ensure reports are completed in a timely manner. Expe