Getting REO to market quickly can help optimize its selling value, but rushing the presale valuation process too much could prove counterproductive, according Carl Streck, principal at MountainSeed Appraisal Management.
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“The goal is to show a realistic market value,” he said in a recent interview with National Mortgage News. “If you try to squeeze their fees or squeeze their time,” appraisers may not be able to produce that result, Streck said.
“There are always deadlines in life, but you always want to set your vendors up to succeed,” he said, noting that he is not advocating a lack of deadlines for appraisers, but suggesting that the deadlines should be realistic given the amount of work required.
