Foreclosure and REO Appraisals in Montgomery CountyThere are special appraisal problems when it comes to a property in foreclosure or one that has returned to the institution's ownership.
You should recognize the meanings of "market value" and a "quick disposition" price to analyze your potential write-down liability when dealing with a property in foreclosure. Appraisal Quest, Inc. has the training in both providing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that respect your urgency.
Occupants of dwellings in foreclosure may be opposed to allowing an inspection of the home, thus presenting special challenges. Sometimes the properties have been ransacked, often at the hands of the former residents themselves. Or, it's likely you'll find nobody has lived in house for months or the home neglected for long periods of time.
For real estate that has changed to REO, you most likely will be going for a fast disposition. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):