REO and Foreclosure Appraisals in Palm Beach CountyHouses that have reverted to the institution's holding and houses in foreclosure present specific appraisal problems.
When there is a house in foreclosure, it's important to differentiate market value versus a "quick disposition" assessment to evaluate your likely charge-off liability. Clear Valuation has the training in both supplying snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that respect your time constraints.
Special challenges can be present when dealing with owners of homes in foreclosure. They could be opposed to allowing an inspection of the home. Sometimes the subjects show signs of vandalism, unfortunately at the hands of the former residents themselves. Or, it's likely you'll discover a house at least abandoned or the home languishing in disrepair for extended periods of time.
For real estate that has gone back to REO, you most likely will be going for an expeditious resolution. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):