Real Estate Owned Appraisal in Sarasota CountyThere are specific appraisal problems for a property in foreclosure or one that has reverted to the lender's ownership.
You should recognize the meanings of "market value" and a "quick disposition" value to know what losses you stand to sustain when dealing with a home in foreclosure. Heights Appraisals, Inc. has the knowledge in both producing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that respect your time line.
Special challenges may be present when working with owners of properties in foreclosure. They might be disinclined to allow an inspection of the home. Sometimes the homes show signs of vandalism, unfortunately by the former residents. Or, it's common to find nobody has occupied the house for months or the home neglected for long periods of time.
If you're dealing with home that has changed to REO, you will interested in an expedited disposition. However, you may want to know about and analyze three values: as-is, as repaired, and "quick sale". These symbolize: