Foreclosure and REO Appraisal in Floyd CountyThere are special appraisal challenges when we're talking about a house in foreclosure or one that has returned to the institution's control.
It's important to recognize the meanings of "market value" and a "quick disposition" value to evaluate your potential charge-off liability when dealing with a property in foreclosure. River Ridge Appraisal Service has the knowledge in both supplying snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that respect your time line.
Occupants of dwellings in foreclosure may be disinclined to allow an inspection of the property, thus presenting unique challenges. If they left the house already, they may have neglected care of the property for a long time - or even worse, caused damage to the property.
For real estate that has already changed to Real Estate Owned, you probably will be seeking a fast disposition. In any case, you'll still want to consider three angles for figuring the value of the asset: