REO and Foreclosure Appraisal in Maricopa CountyThere are various appraisal challenges when it comes to a home in foreclosure or one that has reverted to the lender's ownership.
For a property in foreclosure, you need to understand the gap between market value and a "quick disposition" price to know your potential charge-off liability. Timeline Appraisal Services, LLC has the knowledge in both presenting snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into consideration your pressing needs.
Owners of properties in foreclosure can present special challenges. For example, they could be combative when it comes to allowing an inspection of the house. Often the properties have been intentionally damaged, unfortunately at the hands of the residents themselves. Or, it's common to find the residents have moved out or the home languishing in disrepair for extended periods of time.
You will be interested in an expedited disposition if the house has gone back to bank owned. So you might want to know about and review three values: "as-is", "as repaired", and "quick sale". These symbolize: