Realist Appraisal Services is experienced when it comes to bank owned properties in Michigan...There are unique appraisal problems when we're talking about a house in foreclosure or one that has gone back to the financial institution's holding.
You need to understand the meanings of "market value" and a "quick disposition" assessment to know your possible charge-off liability when dealing with a home in foreclosure. At Realist Appraisal Services, we have the experience in both supplying snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that factor in your pressing needs.
Occupants of property in foreclosure might be unwilling to allow an inspection of the property, thus presenting special challenges. They might have abandoned the home already and/or ignored the care of the home for quite awhile - or in some cases damaged the property.
If you're dealing with a house that has already reverted to REO, you will interested in an expeditious disposition. But you may want to understand and analyze three values: as-is, as repaired, and "quick sale". These symbolize: