Property Services/Otter Tail Appraisals is the company you should trust when it comes to bank owned properties in West Central MinnesotaProperties that have reverted to the institution's control and properties in foreclosure present special appraisal problems.
When dealing with a house in foreclosure, it's important to differentiate market value versus a "quick disposition" value to evaluate your probable charge-off liability. Property Services/Otter Tail Appraisals has the training in both furnishing snapshots of market value for our mortgage lending clients, in addition to "quick sale" forecasts that take into account your time line.
Owners of homes in foreclosure may be uncooperative to allowing an inspection of the home, thus presenting particular challenges. They could have left the home already and/or ignored the care of the house for quite some time - or in some cases ransacked the property.
If you're dealing with property that has gone back to Real Estate Owned, you will interested in a fast disposition. However, you may want to understand and review three values: as-is, as repaired, and "quick sale". These represent: