My first foreclosure. Do I need anything different in my report?

[Tom D]

he don't say, they must be a newer appraiser. if it's a sale, i will tell you that there are hidden problems with a property sitting vacant for years. but most are beat up, have seen only a few in decent shape. and are the utilities on. most foreclosures i've seen are bought, fixed up and re sold. an owner occupied is rare in my experience, typically because of the beat up condition. so be careful about things unseen. that is my experience from buying them. inexperienced home buyers should never buy a REO, there will be surprises to pay for.

 

[Sadie]

Your asignment letter should provide clarity in what your client is looking for.

 

[sputnam]

I'm doing my first foreclousure next week and am wondering if I need to include anything different than normal in my 1004 report? The Assignment Requirements don't say anything different, so I thought I would see if anyone here has a comment/suggestion?

Depends. Did the Client request market value? What is the Intended Use of the appraisal?

 

[Airstream]

Just be prepared for a lot of pictures and problems to be disclosed. In the 26 years I have been an appraiser and doing lots of REO’s rarely did I come across a property in average condition.

 

[andrew81]

No. I have a sales agreement between the parties (buyers) and Federal Hm Ln Mtg Corp for $315K.

What you have is an appraisal for a purchase. The value will be the value regardless. Condition may be an issue but not necessarily.

Perform the same as any other mortgage finance purchase transaction.