Real Estate Owned and Foreclosure Appraisal in Butte CountyProperties in foreclosure and houses that have reverted to the institution's control create various appraisal difficulties.
When dealing with a house in foreclosure, you need to differentiate market value versus a "quick disposition" value to know your probable charge-off liability. The professionals at N. Compass Appraisals can provide both snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that take into consideration your time constraints.
Specific challenges might be present when working with owners of property in foreclosure. They could be uncooperative to allowing an inspection of the property. Often the homes have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's common to find the residents have moved out or the home languishing in disrepair for long periods of time.
For a home that has gone back to Real Estate Owned, you probably will be seeking an expedited resolution. In any case, you'll still want to consider three ways of determining the value of the asset (or in some cases, liability):