Foreclosure Appraisals in Vanderburgh CountyThere are special appraisal challenges regarding a house in foreclosure or one that has returned to the lender's holding.
You need to differentiate the meanings of "market value" and a "quick disposition" price to evaluate what losses you stand to sustain when dealing with a property in foreclosure. At Appraisal Consultants, Inc., we have the background in both supplying snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that consider your timeline.
Owners of homes in foreclosure, of course, can present specific challenges. For example, they may be unwilling to allow an inspection of the home. They could have abandoned the house already and/or neglected care of the house for quite awhile - or unfortunately, vandalized the home.
For real estate that has already gone back to REO, you probably will want to get rid of it quickly. Regardless, you'll still want to consider three angles for looking at the value of the subject property: