Foreclosure and REO Appraisal in Wayne & Monroe CountyHomes that have returned to the bank's possession and homes in foreclosure bring forth special appraisal problems.
When there is a house in foreclosure, it's important to understand market value versus a "quick disposition" assessment to analyze your probable charge-off liability. At Precision Appraisal & Review, we have the background in both presenting snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your timeline.
Owners of property in foreclosure, naturally, can present special challenges. They might be combative when it comes to allowing an inspection of the house. Sometimes the houses show signs of vandalism, often at the hands of the residents themselves. Or, it's likely you'll discover the families have moved out or the home neglected for extended periods of time.
For real estate that has changed to bank owned, you typically will want to get rid of it quickly. In any case, you'll still want to consider three ways of looking at the value of the asset: