Foreclosure and REO Appraisals in Eddy CountyProperties that have reverted to the financial institution's ownership and homes in foreclosure create special appraisal difficulties.
For a property in foreclosure, you definitely need to recognize the gap between the market and a "quick disposition" to know your probable charge-off liability. At Premiere Appraisals, LLC, we have the training in both providing snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that consider your urgency.
Occupants of homes in foreclosure could be opposed to allowing an inspection of the home, thus presenting particular challenges. If they moved out of the property already, they may have ignored the care of the house for a long time - or unfortunately, damaged the property.
For a home that has reverted to Real Estate Owned, you probably will want to get rid of it quickly. In any case, you'll still want to consider three ways of looking at the value of the real estate at hand: