REO and Foreclosure AppraisalsThere are unique appraisal challenges regarding a house in foreclosure or one that has reverted to the institution's holding.
When dealing with a house in foreclosure, you should ascertain market value versus a "quick disposition" assessment to evaluate your potential charge-off liability. At Frontline Appraisals, LLC, we have the background in both furnishing snapshots of market value for our mortgage lending and servicing clients, in addition to "quick sale" forecasts that understand your pressing needs.
Unique challenges may be present when dealing with owners of properties in foreclosure. They may be unwilling to allow an inspection of the property. If they left the home already, they may have ignored the care of the home for quite some time - or even worse, caused damage to the home.
For real estate that has already gone back to bank owned, you likewise will be seeking a fast resolution. Regardless, you'll still want to consider three angles for figuring the value of the subject property: