REO and Foreclosure Appraisal in Fresno CountyHouses in foreclosure and homes that have gone back to the institution's control create special appraisal challenges.
When there is a home in foreclosure, you should recognize market value versus a "quick disposition" price to evaluate your potential charge-off liability. JLF Appraisals has the experience in both producing snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that respect your time line.
Owners of property in foreclosure could be disinclined to allow an inspection of the house, thus presenting particular challenges. Sometimes the houses show signs of vandalism, often by the former residents themselves. Or, it's likely you'll find a house at least abandoned or the home languishing in disrepair for extended periods of time.
You'll be interested in a speedy disposition if the home has already reverted to Real Estate Owned. So you need to understand and review three values: "as-is", "as repaired", and "quick sale". These correspond to: