Foreclosure and REO Appraisal in Buncombe CountyProperties in foreclosure and houses that have returned to the lender's control create special appraisal difficulties.
For a property in foreclosure, you need to know the gap between the market value and a "quick disposition" assessment to know your potential charge-off liability. Blue Ridge Appraisal and Consulting has the experience in both supplying snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that respect your time line.
Unique challenges may be present when dealing with owners of homes in foreclosure. They could be opposed to allowing an inspection of the home. Sometimes the properties show signs of vandalism, unfortunately at the hands of the residents themselves. Or, it's likely you'll discover nobody has occupied the house for months or the home languishing in disrepair for extended periods of time.
For a property that has already returned to REO, you most likely will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of determining the value of the subject property: