Foreclosure and Real Estate Owned Appraisals in Montgomery CountyThere are particular appraisal challenges when we're talking about a property in foreclosure or one that has reverted to the institution's holding.
When dealing with a house in foreclosure, it's important to recognize market value versus a "quick disposition" value to know your probable charge-off liability. At Dan Myers Appraisals, we have the knowledge in both supplying snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your timeline.
Owners of dwellings in foreclosure may be uncooperative to allowing an inspection of the property, thus presenting special challenges. If they abandoned the property already, they could have ignored the care of the house for awhile - or worse, damaged the home.
If you're dealing with a house that has gone back to REO, you will interested in a quick disposition. But you may want to know about and analyze three values: as-is, as repaired, and "quick sale". These represent: