Spectrum Appraising is the company you should trust when you need appraisals for bank owned properties in the Tampa Bay AreaThere are specific appraisal challenges when it comes to a house in foreclosure or one that has reverted to the institution's ownership.
It's key to recognize the meanings of "market value" and a "quick disposition" value to evaluate what losses you could have to endure when dealing with a property in foreclosure. At Spectrum Appraising, we have the training in both furnishing snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that consider your urgency.
Owners of properties in foreclosure unfortunately can present special challenges: They could be disinclined to allow an inspection of the home. They may have abandoned the home already and/or ignored the care of the property for awhile - or even worse, intentionally harmed the property.
For a house that has already gone back to Real Estate Owned, you probably will want to get rid of it quickly. Regardless, you'll still want to consider three ways of figuring the value of the real estate at hand: