REO Appraisals in Dakota CountyReal Estate in foreclosure and houses that have reverted to the financial institution's ownership create special appraisal challenges.
You should differentiate the meanings of "market value" and a "quick disposition" assessment to know what losses you stand to realize when dealing with a property in foreclosure. Accurity Valuation Eagle Appraisals has the experience in both supplying snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that respect your urgency.
Owners of homes in foreclosure could be uncooperative to allowing an inspection of the house, thus presenting special challenges. If they moved out of the home already, they could have overlooked the care of the home for quite some time - or worse, caused damage to the property.
For a house that has returned to bank owned, you probably will be going for a quick disposition. But you might want to know about and review three values - "as-is", "as repaired", and "quick sale". These symbolize: