Real Estate Owned and Foreclosure Appraisals in San Diego CountyReal Estate in foreclosure and properties that have gone back to the institution's control bring forth special appraisal problems.
You need to know the meanings of "market value" and a "quick disposition" assessment to know your likely charge-off liability when dealing with a home in foreclosure. McCart Appraisal has the knowledge in both producing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your urgency.
Specific challenges can be present when working with owners of homes in foreclosure. They might be unwilling to allow an inspection of the property. They may have abandoned the home already and/or neglected care of the house for quite some time - or in some cases intentionally harmed the property.
For a property that has returned to REO, you probably will be going for a speedy disposition. In any case, you'll still want to consider three angles for determining the value of the subject property: