REO Appraisals in Orange CountyThere are special appraisal difficulties when we're talking about a home in foreclosure or one that has returned to the lender's control.
For a home in foreclosure, you definitely need to know the gap between the market and a "quick disposition" value to know your likely charge-off liability. Option One Appraisal Services has the background in both furnishing snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that respect your time constraints.
Owners of homes in foreclosure, of course, can present particular challenges. For example, they could be disinclined to allow us access to the property. Often the houses have been vandalized, unfortunately at the hands of the residents themselves. Or, it's common to find the previous owners have moved out or the home neglected for long periods of time.
You'll be interested in an expedited disposition if the house has changed to bank owned. So you might want to know about and compare three values: "as-is", "as repaired", and "quick sale". These correspond to: