Evaluating Property in the MidSouth (EPM) is experienced when it comes to bank owned properties in Shelby CountyReal Estate in foreclosure and homes that have gone back to the financial institution's control present specific appraisal challenges.
When there is a property in foreclosure, you should differentiate market value versus a "quick disposition" price to know your potential charge-off liability. Evaluating Property in the MidSouth (EPM) has the experience in both furnishing snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your urgency.
Unique challenges may be present when dealing with owners of homes in foreclosure. They could be opposed to allowing an inspection of the property. Sometimes the subjects have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's common to find nobody has lived in house for months or the home neglected for long periods of time.
For real estate that has gone back to Real Estate Owned, you typically will want it off your hands as quickly as possible. But you may want to understand and analyze the definitions of "as-is", "as repaired", and "quick sale" values. These symbolize: