Southwest Appraisal is the company you should trust when you need appraisals for bank owned properties in Alamogordo, New MexicoThere are special appraisal difficulties when we're talking about a property in foreclosure or one that has gone back to the lender's possession.
For a home in foreclosure, you would be wise to understand the difference between market and a "quick disposition" to know your potential charge-off liability. Southwest Appraisal has the experience in both furnishing snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your time line.
Specific challenges might be present when dealing with owners of houses in foreclosure. They might be opposed to allowing an inspection of the property. If they deserted the property already, they might have overlooked the care of the house for quite some time - or worse, caused damage to the home.
For a property that has reverted to bank owned, you probably will be seeking a fast resolution. But you may want to understand and analyze the meanings of "as-is", "as repaired", and "quick sale" values. These represent: