Houses in foreclosure and houses that have gone back to the lender's possession bring forth unique appraisal difficulties.

When dealing with a house in foreclosure, it's important to differentiate the difference between fair market price and "quick disposition" price to analyze your potential charge-off liability. We can provide both snapshots of fair market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into account your time constraints.

Owners of houses in foreclosure, of course, can present specific challenges. They may be unwilling to allow an inspection of the home. They could have deserted the home already and/or neglected care of the home for awhile - or worse, intentionally harmed the property.

You will be interested in a fast disposition if the property has already gone back to bank owned. So you may want to understand and compare three values: as-is, as repaired, and "quick sale." These represent the worth of the home without any work done to it, with the work necessary to make the home marketable at full market value comparable with similar homes in the area, and, somewhere in between, with minor investment in repairs - selling the property quickly, seemingly to someone who'd rather finish the job themselves. Again, we understand your urgency and the special circumstances of an REO home, in addition to the specific data you'll need -- competing listings, neighborhood trends, and so forth. You can count on Sean Hoerster Appraisal Services to take on the task of your bank owned property professionally and efficiently. Contact us today.