Foreclosure and Real Estate Owned Appraisals in Los Angeles CountyHouses that have reverted to the institution's holding and properties in foreclosure bring forth unique appraisal challenges.
For a property in foreclosure, you would be wise to recognize the difference between the market price and a "quick disposition" to know your likely charge-off liability. At Vanguard Valuations, we have the background in both supplying snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that understand your time line.
Owners of dwellings in foreclosure may be disinclined to allow an inspection of the house, thus presenting special challenges. They might have left the home already and/or neglected care of the home for some time - or in some cases caused damage to the property.
For a house that has reverted to REO, you typically will want it off your hands as quickly as possible. However, you may want to understand and analyze the concepts of "as-is", "as repaired", and "quick sale" values. These represent: