Foreclosure and REO Appraisals in Chittenden CountyProperties in foreclosure and houses that have returned to the lender's ownership create special appraisal difficulties.
You need to ascertain the meanings of "market value" and a "quick disposition" price to evaluate what losses you might sustain when dealing with a property in foreclosure. The professionals at Abbott & Dartt Appraisal Service, LLC can provide both snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that understand your urgency.
Owners of homes in foreclosure could be uncooperative to allowing an inspection of the home, thus presenting unique challenges. If they left the property already, they could have ignored the care of the house for quite some time - or worse, ransacked the house.
For real estate that has already gone back 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 angles for looking at the value of the real estate at hand: