Real Estate Owned Appraisal in Knox CountyProperties that have reverted to the financial institution's ownership and homes in foreclosure create various appraisal difficulties.
For a house in foreclosure, you would be wise to recognize the gap between the market price and a "quick disposition" assessment to know your potential charge-off liability. Ballenger Realtors has the background in both providing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into consideration your time constraints.
Specific challenges might be present when dealing with owners of property in foreclosure. They may be opposed to allowing an inspection of the property. They might have deserted the property already and/or ignored the care of the home for quite awhile - or gone as far as damaged the home.
For real estate that has already returned to bank owned, you probably will be going for a quick resolution. Regardless, you'll still want to consider three angles for figuring the value of the real estate at hand: