Real Estate Owned and Foreclosure Appraisals in Kendall CountyThere are various appraisal problems regarding a house in foreclosure or one that has reverted to the bank's possession.
When dealing with a home in foreclosure, it's important to differentiate market value versus a "quick disposition" price to analyze your likely charge-off liability. At New Phase Appraisal, we have the experience in both supplying snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your urgency.
Specific challenges may be present when working with owners of homes in foreclosure. They could be disinclined to allow an inspection of the house. Sometimes the houses show signs of vandalism, unfortunately at the hands of the residents themselves. Or, it's common to find a house at least abandoned or the home neglected for extended periods of time.
For real estate that has already returned to REO, you most likely will be interested in a quick disposition. Regardless, you'll still want to consider three angles for determining the value of the asset: