In recent years, foreclosures have unfortunately represented
a significant part of the real estate market. Typically, banks are required to
obtain an appraisal of properties where a foreclosure is anticipated. These
properties are held by the bank as special assets, and in some cases, the
financial institution requires the appraisal to determine their position in
case a foreclosure becomes necessary. In others, the Appraisal is used to
assist the property owner in holding onto the property or selling it through a
short sale process. Regardless of the purpose, the appraisal of a property
scheduled for foreclosure presents evaluation problems not usually seen in
non-foreclosure properties. In most foreclosure cases the appraiser is
confronted with challenges of property access, property condition and/or market
conditions which affect the appraisal of the property.
ELLIOTT® is very familiar with the appraisal of foreclosure
properties and offers this service anywhere in the country. We have appraisers
standing by in each state to perform foreclosure appraisals. Please contact us
for a consultation concerning your foreclosed property appraisal needs.