REO and Foreclosure Appraisals in Saint Tammany CountyThere are unique appraisal problems when we're talking about a house in foreclosure or one that has gone back to the institution's control.
You need to understand the meanings of "market value" and a "quick disposition" price to evaluate what losses you stand to sustain when dealing with a property in foreclosure. August Schultz & Associates Inc. has the training in both producing snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that understand your pressing needs.
Occupants of properties in foreclosure could be unwilling to allow an inspection of the property, thus presenting particular challenges. Sometimes the properties have been intentionally damaged, unfortunately by the former residents. Or, it's likely you'll find nobody has lived in house for months or the home languishing in disrepair for long periods of time.
For real estate that has already gone back to bank owned, you most likely will be going for a fast resolution. But you may want to know about and compare the concepts of "as-is", "as repaired", and "quick sale" values. These correspond to: