Real Estate Owned and Foreclosure Appraisals in Cobb CountyThere are unique appraisal problems for a property in foreclosure or one that has returned to the financial institution's holding.
You need to recognize the meanings of "market value" and a "quick disposition" price to evaluate what losses you could realize when dealing with a house in foreclosure. At Allatoona Appraisal, we have the training in both producing snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that understand your urgency.
Specific challenges can be present when dealing with owners of houses in foreclosure. They might be disinclined to allow an inspection of the property. Sometimes the properties have been intentionally damaged, often at the hands of the former residents themselves. Or, it's likely you'll find the previous owners have moved out or the home languishing in disrepair for extended periods of time.
For a home that has already changed to REO, you probably 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 asset: