Real Estate Owned and Foreclosure Appraisal in Forsyth CountyThere are unique appraisal difficulties regarding a property in foreclosure or one that has reverted to the bank's holding.
For a house in foreclosure, you would be wise to know the gap between the market price and a "quick disposition" price to know your probable charge-off liability. Benchmark Appraising, LLC has the background in both supplying snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your time line.
Owners of houses in foreclosureunfortunately can present particular challenges. They could be unwilling to allow an inspection of the house. Often the subjects have been vandalized, often by the former residents themselves. Or, it's common to find the families have moved out or the home languishing in disrepair for long periods of time.
For real estate that has already reverted to REO, you typically will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):