REO and Foreclosure Appraisal in Imperial CountyThere are special appraisal challenges when we're talking about a property in foreclosure or one that has reverted to the institution's possession.
You need to differentiate the meanings of "market value" and a "quick disposition" price to analyze your possible charge-off liability when dealing with a house in foreclosure. At D Walk Appraisals, we have the experience in both supplying snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that factor in your pressing needs.
Owners of houses in foreclosure may be unwilling to allow an inspection of the property, thus presenting specific challenges. If they moved out of the house already, they might have overlooked the care of the home for quite some time - or unfortunately, caused damage to the home.
For real estate that has already reverted to bank owned, you probably will be going for a quick disposition. In any case, you'll still want to consider three ways of determining the value of the real estate at hand: