Real Estate Owned Appraisal in Saint Louis CountyHouses that have returned to the bank's ownership and homes in foreclosure create special appraisal problems.
For a property in foreclosure, you definitely need to know the gap between the market value and a "quick disposition" price to know your likely charge-off liability. We can provide both snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that understand your time constraints.
Owners of property in foreclosure might be disinclined to allow an inspection of the home, thus presenting unique challenges. They might have moved out of the home already and/or neglected care of the property for quite awhile - or in some cases damaged the home.
For a home that has already reverted to REO, you probably will be going for an expeditious disposition. Regardless, you'll still want to consider three angles for looking at the value of the asset (or in some cases, liability):
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