REO Appraisals in East TennesseeHomes in foreclosure and homes that have gone back to the institution's control present particular appraisal problems.
For a house in foreclosure, you need to recognize the difference between the market and a "quick disposition" assessment to know your possible charge-off liability. We can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into account your time line.
Owners of property in foreclosure, of course, can present specific challenges: For example, they may be uncooperative when it comes to allowing us access to the property. Often the homes have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's common to discover a house at least abandoned or the home neglected for long periods of time.
If you're dealing with a house that has gone back to Real Estate Owned, you will interested in a speedy disposition. But you may want to know about and review three values: as-is, as repaired, and "quick sale". These represent: