Real Estate Owned Appraisals in Saint Charles CountyThere are particular appraisal problems regarding a house in foreclosure or one that has reverted to the bank's holding.
When there is a home in foreclosure, you should ascertain market value versus a "quick disposition" assessment to evaluate your likely charge-off liability. At 2 Rivers Appraisal Services, LLC., we have the training in both providing snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that consider your time line.
Special challenges may be present when dealing with owners of homes in foreclosure. They could be disinclined to allow an inspection of the property. They could have abandoned the home already and/or overlooked the care of the house for awhile - or in some cases ransacked the house.
For real estate that has reverted to Real Estate Owned, you probably will be interested in a speedy disposition. In any case, you'll still want to consider three ways of figuring the value of the real estate at hand: