Foreclosure and Real Estate Owned Appraisals in North TexasHouses in foreclosure and homes that have reverted to the bank's ownership create special appraisal problems.
For a house in foreclosure, you definitely need to understand the gap between the market value and a "quick disposition" price to know your likely charge-off liability. We can provide both snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that respect your time line.
Unique challenges may be present when dealing with owners of property in foreclosure. They might be unwilling to allow an inspection of the home. If they abandoned the home already, they may have neglected care of the house for a long time - or unfortunately, caused damage to the home.
For real estate that has already reverted to Real Estate Owned, you typically will want to get rid of it quickly. Regardless, you'll still want to consider three ways of looking at the value of the asset (or in some cases, liability):