Foreclosure/REO

Homes that have gone back to the financial institution's possession and properties in foreclosure bring forth unique appraisal problems.

It's vital to differentiate the meanings of "market value" and a "quick disposition" price to evaluate what losses you might realize when dealing with a house in foreclosure. At Carolina RES, Inc., we have the experience in both providing snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that consider your urgency.

	You need a company with the training to work with the particular dynamics of a foreclosure appraisal. For a company you can count on, contact RES Appraisal, Inc.

Owners of property in foreclosure, of course, can present specific challenges: They may be unwilling to allow the appraiser access to the property. They may have abandoned the home already and/or overlooked the care of the property for quite awhile - or even worse, vandalized the house.

For real estate that has already reverted to REO, you typically will want to get rid of it quickly. In any case, you'll still want to consider three ways of determining the value of the real estate at hand:

• As Repaired. Possible market value with the repairs called for to make the house marketable at full market value - commensurate with similar homes in the neighborhood
• As-is. The value of the home without any work done to it
• Quick sale. With minor investment in repairs - to get rid of the home quickly, seemingly as a "fixer-upper"