REO and Foreclosure Appraisals in Duval CountyHomes in foreclosure and homes that have reverted to the financial institution's holding present unique appraisal difficulties.
For a house in foreclosure, you definitely need to understand the difference between market price and a "quick disposition" to know your potential charge-off liability. Personal Service Realty's Residential Valuation Group has the training in both furnishing snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your urgency.
Owners of property in foreclosure, naturally, can present special challenges. They could be unwilling to allow an inspection of the property. If they abandoned the house already, they could have neglected care of the property for quite awhile - or even worse, caused damage to the house.
For a property that has already reverted to bank owned, you probably will want to get rid of it quickly. However, you may want to know and review three values - "as-is", "as repaired", and "quick sale". These correspond to:
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