Foreclosure and Real Estate Owned Appraisals in Los Angeles CountyThere are special appraisal challenges involved in a home in foreclosure or one that has gone back to the lender's control.
For a home in foreclosure, you need to know the difference between the market price and a "quick disposition" assessment to know your potential charge-off liability. WalshStreet Appraisals has the training in both providing snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time constraints.
Owners of homes in foreclosure can present special challenges. They may be combative when it comes to allowing the appraiser access to the home. They could have abandoned the house already and/or overlooked the care of the house for some time - or unfortunately, caused damage to the property.
For a home that has already returned to Real Estate Owned, you typically will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of determining the value of the subject property: