Foreclosure and REO Appraisal in El Paso CountyProperties in foreclosure and homes that have reverted to the lender's holding create specific appraisal difficulties.
It's important to ascertain the meanings of "market value" and a "quick disposition" price to analyze what losses you might sustain when dealing with a property in foreclosure. Bearing Commercial Appraisal has the training in both supplying snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into account your pressing needs.
Occupants of property in foreclosure may be opposed to allowing an inspection of the property, thus presenting special challenges. They may have moved out of the home already and/or ignored the care of the house for awhile - or in some cases damaged the property.
For real estate that has already gone back to REO, you probably will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of figuring the value of the asset: