REO and Foreclosure Appraisal in San Diego CountyProperties in foreclosure and houses that have reverted to the bank's holding bring forth unique appraisal difficulties.
When dealing with a property in foreclosure, you should ascertain market value versus a "quick disposition" value to know your potential charge-off liability. We can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that respect your pressing needs.
Owners of property in foreclosure could be unwilling to allow an inspection of the house, thus presenting unique challenges. Sometimes the subjects have been ransacked, often at the hands of the former residents themselves. Or, it's likely you'll find the previous owners have moved out or the home languishing in disrepair for long periods of time.
For a property that has already returned to bank owned, you typically will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for looking at the value of the asset (or in some cases, liability):