1st Appraisal Source is the company you should trust when you need appraisals for bank owned properties in New Jersey or New YorkThere are unique appraisal difficulties regarding a property in foreclosure or one that has returned to the financial institution's control.
For a house in foreclosure, you definitely need to recognize the gap between market price and a "quick disposition" price to know your potential charge-off liability. The professionals at 1st Appraisal Source can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that respect your pressing needs.
Special challenges can be present when working with owners of property in foreclosure. They may be opposed to allowing an inspection of the home. If they have abandoned the house already, they could have overlooked the care of the property for quite awhile - or unfortunately, caused damage to the house.
For real estate that has returned to Real Estate Owned, you most likely will be going for an expeditious resolution. Regardless, you'll still want to consider three angles for determining the value of the asset (or in some cases, liability):