Real Estate Owned and Foreclosure Appraisals in Placer CountyThere are specific appraisal difficulties for a house in foreclosure or one that has reverted to the lender's holding.
For a house in foreclosure, you would be wise to understand the difference between the market price and a "quick disposition" to know your potential charge-off liability. At JLD Evaluation, Inc., we have the training in both producing snapshots of market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that understand your time constraints.
Owners of houses in foreclosure could be disinclined to allow an inspection of the home, thus presenting special challenges. Sometimes the homes show signs of vandalism, often by the residents themselves. Or, it's likely you'll find nobody has lived in house for months or the home neglected for long periods of time.
For a house that has gone back to bank owned, you most likely will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of determining the value of the subject property: