Real Estate Owned and Foreclosure Appraisal in Collier CountyThere are various appraisal difficulties involved in a home in foreclosure or one that has reverted to the financial institution's possession.
For a house in foreclosure, you need to recognize the difference between market value and a "quick disposition" value to know your potential charge-off liability. At A.M.O. Appraisals, Inc., we have the background in both providing snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that consider your pressing needs.
Owners of properties in foreclosure might be disinclined to allow an inspection of the home, thus presenting unique challenges. Often the homes show signs of vandalism, unfortunately at the hands of the former residents. Or, it's common to find the previous owners have moved out or the home languishing in disrepair for extended periods of time.
If you're dealing with property that has reverted to bank owned, you will interested in a speedy disposition. However, you might want to know and examine three values: as-is, as repaired, and "quick sale". These represent: