REO Appraisals in Denver CountyThere are particular appraisal challenges involved in a property in foreclosure or one that has returned to the financial institution's possession.
You should know the meanings of "market value" and a "quick disposition" price to evaluate what losses you could sustain when dealing with a home in foreclosure. Metro Mountain Appraisers Inc. has the knowledge 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.
Owners of properties in foreclosure might be unwilling to allow an inspection of the home, thus presenting particular challenges. Often the subjects have been intentionally damaged, unfortunately at the hands of the former residents themselves. Or, it's common to find nobody has lived in house for months or the home neglected for long periods of time.
For a house that has gone back to REO, you most likely will want to get rid of it quickly. Regardless, you'll still want to consider three angles for figuring the value of the asset (or in some cases, liability):