Category Archives: REO Appraisal

How to Appraise the Real Estate of REO or Bank Owned Properties – Connecticut

How to Appraise the Real Estate of REO or Bank Owned Properties A real estate owned (REO) or bank owned property is one that is foreclosed on by the mortgage company and the title reverts back to them. Finding the value of a foreclosed property is important, so the mortgage company has an idea of a listing price when marketing the property. 1. Visit the REO or bank owned property. View the property for damage, missing components and any other changes that may be pertinent information for the mortgage company to consider. 2. Take pictures of the property. Generally, the mortgage company requires at least 10 pictures of the homes interior, eight pictures of the homes exterior. 3. Use access to the multiple listing service, or MLS, to obtain comparable homes for your CMA. Search for homes that are similar in square footage, exterior construction. 4. Provide homes, along with their pictures in the MLS, for your CMA that shows the current market value of property in the area. 5. Complete the form provided by the REO company or bank for appraising the property…… By Amanda Maddox