REO Appraisals in Jefferson CountyHouses that have returned to the bank's possession and homes in foreclosure present unique appraisal challenges.
When dealing with a house in foreclosure, you should know market value versus a "quick disposition" value to analyze your likely charge-off liability. At Crandall Appraisal Service, we have the background in both providing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that factor in your time constraints.
Particular challenges can be present when working with owners of property in foreclosure. They might be disinclined to allow an inspection of the property. They might have deserted the house already and/or neglected care of the property for quite awhile - or unfortunately, vandalized the home.
For a house that has returned to bank owned, you most likely will be going for a fast disposition. Regardless, you'll still want to consider three ways of figuring the value of the asset: