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.