Foreclosure and REO Appraisal in Mono CountyHouses that have reverted to the bank's possession and homes in foreclosure present specific appraisal challenges.
When there is a home in foreclosure, you should understand market value versus a "quick disposition" price to analyze your probable charge-off liability. At Palmer Appraisals, Inc., we have the background in both supplying snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that consider your time constraints.
Occupants of properties in foreclosure may be disinclined to allow an inspection of the home, thus presenting unique challenges. If they abandoned the house already, they might have ignored the care of the home for a long time - or even worse, caused damage to the house.
For real estate that has already gone back to Real Estate Owned, you most likely will be going for a quick resolution. In any case, you'll still want to consider three ways of determining the value of the real estate at hand: