Foreclosure and Real Estate Owned Appraisals in Cape May CountyThere are various appraisal problems regarding a home in foreclosure or one that has gone back to the bank's ownership.
You need to recognize the meanings of "market value" and a "quick disposition" assessment to know what losses you might sustain when dealing with a property in foreclosure. At ATP Appraisals, LLC. (973) 283-2266, we have the training in both providing snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that consider your time constraints.
Unique challenges can be present when dealing with owners of houses in foreclosure. They might be uncooperative to allowing an inspection of the house. Sometimes the subjects have been intentionally damaged, often by the residents. Or, it's likely you'll find the residents have moved out or the home languishing in disrepair for extended periods of time.
You'll be interested in an expedited disposition if the home has reverted to Real Estate Owned. So you might want to know about and review three values: "as-is", "as repaired", and "quick sale". These correspond to: