Real Estate Owned and Foreclosure Appraisals in Polk CountyThere are special appraisal difficulties when it comes to a property in foreclosure or one that has reverted to the lender's holding.
You need to know the meanings of "market value" and a "quick disposition" assessment to evaluate your potential charge-off liability when dealing with a property in foreclosure. Central Iowa Appraisers has the experience in both supplying snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your urgency.
Specific challenges may be present when working with owners of homes in foreclosure. They may be disinclined to allow an inspection of the home. Sometimes the homes have been ransacked, unfortunately at the hands of the residents. Or, it's common to discover a house at a minimum abandoned or the home languishing in disrepair for long periods of time.
For a house that has returned to REO, you most likely will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for figuring the value of the subject property: