Foreclosure and REO Appraisals in Los Angeles CountyReal Estate in foreclosure and properties that have returned to the bank's control create unique appraisal challenges.
You should differentiate the meanings of "market value" and a "quick disposition" assessment to know what losses you could realize when dealing with a property in foreclosure. All City Appraisal has the background in both presenting snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your urgency.
Owners of houses in foreclosure, naturally, can present specific challenges. They could be disinclined to allow an inspection of the home. They might have moved out of the house already and/or overlooked the care of the home for awhile - or gone as far as vandalized the home.
For a house that has already changed to Real Estate Owned, you probably will want it off your hands as quickly as possible. However, you may want to know about and examine the meanings of "as-is", "as repaired", and "quick sale" values. These represent:
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