Foreclosure and Real Estate Owned Appraisal in Kent CountyReal Estate in foreclosure and properties that have gone back to the bank's possession create special appraisal challenges.
For a house in foreclosure, you definitely need to know the difference between market value and a "quick disposition" value to know your probable charge-off liability. At Rivertown Appraisal, we have the experience in both supplying snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that factor in your time constraints.
Owners of homes in foreclosure, naturally, can present unique challenges: They could be unwilling to allow an inspection of the house. If they have abandoned the property already, they may have overlooked the care of the home for quite some time - or unfortunately, damaged the home.
For real estate that has reverted to bank owned, you typically will want to get rid of it quickly. In any case, you'll still want to consider three angles for looking at the value of the subject property: