Foreclosure Appraisals in El Paso CountyHouses in foreclosure and homes that have gone back to the financial institution's possession create various appraisal challenges.
When dealing with a home in foreclosure, it's important to know market value versus a "quick disposition" value to know your possible charge-off liability. At Certified Appraisals, Inc., we have the background in both supplying snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that factor in your pressing needs.
Special challenges might be present when dealing with owners of homes in foreclosure. They may be opposed to allowing an inspection of the home. They may have moved out of the home already and/or overlooked the care of the property for a long time - or even worse, caused damage to the house.
For real estate that has already gone back to REO, you may want to know about and review the definitions of "as-is", "as repaired", and "quick sale" values. These correspond to: