Foreclosure and Real Estate Owned Appraisals in Southwest FloridaThere are various appraisal problems when it comes to a house in foreclosure or one that has reverted to the institution's control.
It's key to know the meanings of "market value" and a "quick disposition" price to know what losses you could have to endure when dealing with a house in foreclosure. At Dawson Appraisal Services, we have the background in both producing snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that factor in your time constraints.
Particular challenges can be present when working with owners of homes in foreclosure. They may be opposed to allowing an inspection of the home. Often the homes show signs of vandalism, often by the residents themselves. Or, it's likely you'll find a house at a minimum abandoned or the home neglected for long periods of time.
For a house that has already gone back to REO, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three angles for determining the value of the asset: