Foreclosure Appraisal in Loudoun CountyThere are specific appraisal problems for a home in foreclosure or one that has reverted to the financial institution's possession.
You should ascertain the meanings of "market value" and a "quick disposition" value to know what losses you could have to endure when dealing with a house in foreclosure. At Riverpoint Appraisals, we have the background in both furnishing snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that factor in your pressing needs.
Occupants of homes in foreclosure might be opposed to allowing an inspection of the house, thus presenting specific challenges. Sometimes the homes have been vandalized, often by the former residents themselves. Or, it's common to discover nobody has lived in house for months or the home languishing in disrepair for extended periods of time.
For a property that has reverted to REO, you most likely will want it off your hands as quickly as possible. In any case, you'll still want to consider three angles for figuring the value of the subject property: