Real Estate Owned and Foreclosure Appraisals in Lake CountyThere are unique appraisal problems regarding a home in foreclosure or one that has reverted to the institution's control.
For a home in foreclosure, you would be wise to know the difference between market and a "quick disposition" to know your possible charge-off liability. The professionals at Vandergoot Appraisals can provide both snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that respect your pressing needs.
Owners of houses in foreclosureunfortunately can present special challenges. For example, they could be disinclined to allow the appraiser access to the house. If they abandoned the home already, they might have overlooked the care of the home for quite awhile - or worse, caused damage to the house.
For a house that has changed to Real Estate Owned, you probably will be going for an expeditious disposition. In any case, you'll still want to consider three angles for looking at the value of the asset (or in some cases, liability):