Foreclosure and REO Appraisals in Grand Traverse CountyThere are special appraisal challenges regarding a home in foreclosure or one that has reverted to the lender's control.
For a property in foreclosure, you would be wise to know the difference between the market value and a "quick disposition" to know your potential charge-off liability. Reamer Appraisals Inc. has the background in both supplying snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your time constraints.
Special challenges can be present when dealing with owners of properties in foreclosure. They may be uncooperative to allowing an inspection of the property. They may have abandoned the house already and/or overlooked the care of the home for quite some time - or gone as far as intentionally harmed the home.
For real estate that has changed to Real Estate Owned, you likewise will be interested in an expeditious resolution. Regardless, you'll still want to consider three ways of determining the value of the subject property: