KEY INSIGHT is experienced when it comes to bank owned properties in Rhinelander, WisconsinHouses that have reverted to the financial institution's holding and homes in foreclosure present special appraisal challenges.
For a property in foreclosure, you should recognize the difference between the market price and a "quick disposition" to know your probable charge-off liability. KEY INSIGHT has the experience in both supplying snapshots of market value for our mortgage lending clients, as well as "quick sale" forecasts that take into account your urgency.
Owners of homes in foreclosure could be disinclined to allow an inspection of the home, thus presenting unique challenges. Often the homes have been ransacked, unfortunately by the former residents themselves. Or, it's common to find nobody has occupied the house for months or the home neglected for extended periods of time.
For real estate that has changed to REO, you most likely will want to get rid of it quickly. In any case, you'll still want to consider three angles for looking at the value of the real estate at hand: