Foreclosure Appraisal in El Paso CountyHouses that have returned to the bank's control and properties in foreclosure create various appraisal difficulties.
When dealing with a property in foreclosure, it's important to ascertain market value versus a "quick disposition" price to evaluate your likely charge-off liability. We can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that take into account your time constraints.
Owners of homes in foreclosure can present unique challenges: They may be unwilling to allow the appraiser access to the house. Often the properties show signs of vandalism, unfortunately by the former residents themselves. Or, it's likely you'll discover nobody has lived in house for months or the home languishing in disrepair for long periods of time.
For real estate that has already changed to REO, you probably will be going for a quick resolution. Regardless, you'll still want to consider three ways of determining the value of the subject property: