Thread: foreclosures

Originally Posted by Suzette

When you purchase a foreclosure, does it get appraised before it is sold? Where would I obtain this info?

mightymouse

(I'm assuming you are in the USA) I've purchased foreclosures and have been adding them to my property management business for over a decade now. Yes, it gets appraised, usually a BPO is requested by the bank's AM and fulfilled by RE brokers like myself. Where would you obtain the info, as in, the answer to your first question, or where would you obtain the BPO? If the latter, you'd have to buy your own appraisal, or you could get a real estate agent to give you a CMA, which is an "opinion" of the property market value.

You could also look in the County's public tax records to see what it last sold for. Usually, the records are gotten for free via a county web site.

Regards.

Thanks for the valuable information!

If you are paying cash there is no need for an appraisal but if you are getting a loan the lender will have an appraisal done to make sure they are lending on something of value.

Originally Posted by Suzette

When you purchase a foreclosure, does it get appraised before it is sold? Where would I obtain this info?

mightymouse

Depends.

If you pay cash or line up your own private financine (bank of Mom & Dad, rich uncle, etc...) its up to you if you want it appraised. For peace of mind, you certainly could get it appraised. It'd be worth the cost to discover its not worth what you think...

A lender/bank will always require an appraisal.

Good luck!