Foreclosure and REO Appraisal in Richmond CountyProperties in foreclosure and houses that have reverted to the bank's control create various appraisal challenges.
When dealing with a home in foreclosure, it's important to recognize market value versus a "quick disposition" price to evaluate your possible charge-off liability. At RJS Appraisals, we have the training in both furnishing snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that factor in your pressing needs.
Owners of homes in foreclosure could be opposed to allowing an inspection of the house, thus presenting special challenges. Sometimes the properties show signs of vandalism, often by the residents themselves. Or, it's common to find a house at least abandoned or the home languishing in disrepair for extended periods of time.
For real estate that has already changed to Real Estate Owned, you probably will want it off your hands as quickly as possible. But you might want to know about and review three values - "as-is", "as repaired", and "quick sale". These symbolize: