Jordan-Appraisal is experienced when it comes to foreclosures in Champaign, IllinoisHouses that have gone back to the bank's holding and properties in foreclosure create particular appraisal problems.
When there is a house in foreclosure, you should differentiate market value versus a "quick disposition" assessment to analyze your possible charge-off liability. Jordan-Appraisal has the knowledge in both providing snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that understand your time line.
Owners of properties in foreclosure can present unique challenges. For example, they could be combative when it comes to allowing the appraiser access to the property. If they moved out of the house already, they could have overlooked the care of the home for quite awhile - or even worse, caused damage to the property.
For real estate that has returned to REO, you typically will want to get rid of it quickly. Regardless, you'll still want to consider three angles for determining the value of the asset: