Foreclosure and Real Estate Owned Appraisal in Miami-Dade CountyHomes that have gone back to the financial institution's possession and properties in foreclosure create specific appraisal difficulties.
For a home in foreclosure, you definitely need to understand the difference between market and a "quick disposition" assessment to know your possible charge-off liability. At Elite Appraisal, Inc., we have the background in both furnishing snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that factor in your urgency.
Owners of property in foreclosure, naturally, can present special challenges: For example, they might be combative when it comes to allowing the appraiser access to the house. If they abandoned the house already, they could have overlooked the care of the property for quite some time - or worse, caused damage to the property.
For real estate that has already reverted to bank owned, you likewise will be interested in an expedited resolution. In any case, you'll still want to consider three ways of determining the value of the real estate at hand: