Real Estate Owned and Foreclosure Appraisal in South Carolina.Properties that have gone back to the financial institution's possession and homes in foreclosure present particular appraisal difficulties.
When there is a property in foreclosure, you need to understand market value versus a "quick disposition" assessment to analyze your likely charge-off liability. CAA Real Property Services, Inc. has the background in both furnishing snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into account your time constraints.
Owners of homes in foreclosure may be disinclined to allow an inspection of the house, thus presenting special challenges. Often the houses have been intentionally damaged, often by the residents themselves. Or, it's common to discover a house at a minimum abandoned or the home languishing in disrepair for extended periods of time.
For real estate that has returned to REO, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of looking at the value of the asset (or in some cases, liability):