Foreclosure Appraisal in Mobile CountyThere are specific appraisal difficulties involved in a house in foreclosure or one that has gone back to the financial institution's control.
For a property in foreclosure, you would be wise to recognize the difference between the market value and a "quick disposition" value to know your possible charge-off liability. At C. Gaba Appraisals, LLC, we have the experience in both producing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that consider your pressing needs.
Special challenges can be present when working with owners of houses in foreclosure. They might be unwilling to allow an inspection of the home. Sometimes the subjects have been vandalized, unfortunately by the former residents. Or, it's common to discover the families have moved out or the home neglected for extended periods of time.
For real estate that has already changed to Real Estate Owned, you probably will be going for a quick resolution. In any case, you'll still want to consider three ways of figuring the value of the asset: