When a home returns to lender control, a foreclosure creates unique appraisal challenges. It's important to differentiate the meanings of "market value" and a "quick disposition" value to evaluate what losses you could sustain when dealing with a property in foreclosure. At Tejas Appraisal Company, we have the experience in both presenting snapshots of market value for our mortgage clients, in addition to "quick sale" forecasts that consider your urgency.
If you're dealing with a house that has already reverted to REO, you may be interested in a fast disposition. However, you will likely want to know and examine three values: as-is, as repaired, and "quick sale". Specifically, these mean: