REO and Foreclosure Appraisals in Clay CountyReal Estate in foreclosure and homes that have gone back to the institution's possession bring forth various appraisal challenges.
When dealing with a home in foreclosure, it's important to know market value versus a "quick disposition" price to analyze your possible charge-off liability. Citiwide Appraisal has the knowledge in both producing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your urgency.
Particular challenges can be present when working with owners of houses in foreclosure. They might be disinclined to allow an inspection of the home. Often the homes have been intentionally damaged, often at the hands of the former residents. Or, it's common to find the families have moved out or the home neglected for extended periods of time.
For a house that has returned to Real Estate Owned, you typically will want to get rid of it quickly. Regardless, you'll still want to consider three angles for determining the value of the subject property: