Foreclosure Appraisals in Hampton Roads & North-East North CarolinaProperties that have gone back to the institution's control and properties in foreclosure bring forth specific appraisal problems.
For a home in foreclosure, you definitely need to recognize the gap between the market value and a "quick disposition" to know your potential charge-off liability. At Hamptno Roads Valuations, we have the knowledge in both presenting snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your time line.
Owners of property in foreclosure can present specific challenges. They could be uncooperative when it comes to allowing an inspection of the house. They might have left the property already and/or neglected care of the property for quite awhile - or in some cases vandalized the house.
For real estate that has already gone back to REO, you most likely will want to get rid of it quickly. Regardless, you'll still want to consider three ways of determining the value of the real estate at hand: