Foreclosure and Real Estate Owned Appraisals in Southwest Missouri and Northwest ArkansasThere are specific appraisal difficulties for a house in foreclosure or one that has reverted to the institution's possession.
It's vital to ascertain the meanings of "market value" and a "quick disposition" assessment to know your probable write-down liability when dealing with a home in foreclosure. Anglum Appraisal has the experience in both presenting snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that take into consideration your time constraints.
Unique challenges may be present when dealing with owners of properties in foreclosure. They may be opposed to allowing an inspection of the property. Sometimes the houses show signs of vandalism, unfortunately at the hands of the residents themselves. Or, it's common to find nobody has occupied the house for months or the home neglected for long periods of time.
For real estate that has already gone back to REO, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of looking at the value of the asset (or in some cases, liability):