Real Estate Owned Appraisal in San Diego CountyHomes in foreclosure and homes that have reverted to the lender's control present various appraisal difficulties. Craig A. Nordal has been appraising REO's and foreclosures for 27 years!
For a house in foreclosure, you would be wise to recognize the gap between market and a "quick disposition" assessment to know your possible charge-off liability. Nordal & Associates Real Estate Appraisal has the knowledge in both supplying snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.
Specific challenges can be present when working with owners of houses in foreclosure. They may be disinclined to allow an inspection of the home. If they abandoned the property already, they could have ignored the care of the house for quite awhile - or unfortunately, damaged the house.
For a house that has already reverted to Real Estate Owned, you most likely will be going for a fast disposition. However, you might want to know and analyze three values - "as-is", "as repaired", and "quick sale". These symbolize: