Real Estate Owned and Foreclosure Appraisals in Northwestern North CarolinaHomes in foreclosure and properties that have returned to the institution's possession present particular appraisal problems.
You need to know the meanings of "market value" and a "quick disposition" price to evaluate your probable charge-off liability when dealing with a house in foreclosure. We can provide both snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that take into consideration your time constraints.
Occupants of property in foreclosure might be unwilling to allow an inspection of the house, thus presenting special challenges. If they moved out of the home already, they may have ignored the care of the home for awhile - or unfortunately, caused damage to the property.
For a home that has returned to bank owned, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of looking at the value of the asset (or in some cases, liability):