Bobkat Appraisal Services is the company you should trust when it comes to foreclosure appraisals in St. Louis, St. Charles and the surrounding counties, including Illinois.
Real estate in foreclosure and homes that have returned to the bank's holding bring forth special appraisal challenges.
When dealing with a home in foreclosure, it's important to ascertain market value versus a "quick disposition" value to know your potential charge-off liability. Bobkat Appraisal Services has the training in both supplying snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that take into account your urgency.
Occupants of properties in foreclosure could be unwilling to allow an inspection of the home, thus presenting unique challenges. Sometimes the subjects have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's common to discover nobody has occupied the house for months or the home languishing in disrepair for extended periods of time.
For a home that has changed to Real Estate Owned, you typically will want it off your hands as quickly as possible. In any case, you'll still want to consider three ways of determining the value of the subject property: