Foreclosure and Real Estate Owned AppraisalsProperties that have reverted to the institution's possession and properties in foreclosure present various appraisal problems.
It's important to ascertain the meanings of "market value" and a "quick disposition" value to analyze what losses you stand to realize when dealing with a house in foreclosure. At Perry & Associates, Inc, we have the knowledge in both supplying snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your pressing needs.
Specific challenges may be present when working with owners in foreclosure. They could be opposed to allowing an inspection of the property. If they moved out already, they could have overlooked the care of the property for awhile etc.
For real estate that has already returned to REO, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for determining the value of the asset: