Real Estate Owned and Foreclosure Appraisals in Howard CountyReal Estate in foreclosure and properties that have returned to the financial institution's ownership create specific appraisal challenges.
It's vital to differentiate the meanings of "market value" and a "quick disposition" assessment to analyze what losses you could sustain when dealing with a house in foreclosure. At Hancock Hollow Group, we have the background in both providing snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your time line.
Owners of properties in foreclosure may be opposed to allowing an inspection of the house, thus presenting special challenges. They may have abandoned the property already and/or overlooked the care of the home for quite awhile - or unfortunately, vandalized the home.
For a property that has already gone back to Real Estate Owned, you likewise will be going for an expedited resolution. But you might want to understand and compare the meanings of "as-is", "as repaired", and "quick sale" values. These correspond to: