REO Appraisal in Washington CountyReal Estate in foreclosure and homes that have gone back to the lender's possession create particular appraisal problems.
You need to differentiate the meanings of "market value" and a "quick disposition" value to know what losses you might sustain when dealing with a property in foreclosure. Parrish Appraisals, Inc. has the knowledge in both presenting snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that take into account your urgency.
Particular challenges may be present when working with owners of properties in foreclosure. They could be disinclined to allow an inspection of the property. They might have moved out of the house already and/or neglected care of the home for some time - or gone as far as vandalized the home.
For real estate that has already changed to bank owned, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of determining the value of the asset: