Foreclosure and Real Estate Owned Appraisal in Cameron CountyHouses in foreclosure and properties that have returned to the lender's possession create special appraisal challenges.
It's important to differentiate the meanings of "market value" and a "quick disposition" assessment to know your possible charge-off liability when dealing with a property in foreclosure. We can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that respect your urgency.
Special challenges may be present when dealing with owners of property in foreclosure. They might be disinclined to allow an inspection of the property. They may have abandoned the home already and/or overlooked the care of the property for quite awhile - or in some cases damaged the house.
For a home that has gone back to REO, you most likely will be seeking an expeditious disposition. Regardless, you'll still want to consider three angles for looking at the value of the asset (or in some cases, liability):