forclosure
312) Foreclosure Value
05/08/08
Dear H2,
Have always enjoyed your publications over my thirty some years in the business. Maybe you can help me now: I have been trying to find a definition for foreclosure value. It appears to be a supplemental term and does not appear in USPAP. Many thanks!!!
Joan M Conrad c21rksappraisals@epix.net
Dear Joan,
I do not know of any published definition of "Foreclosure Value." I suspect this is because there are so many variables that determine what a property is worth that has been foreclosed. For example, a house sold on the courthouse steps by the sheriff in Florida would have a different value than a similar house in "strict foreclosure" in Connecticut. What you need to do is ask your client for what they mean by "foreclosure value" and then write a definition and have your client — as part of the scope of work discussion — agree that they will accept your definition.
H2
Have always enjoyed your publications over my thirty some years in the business. Maybe you can help me now: I have been trying to find a definition for foreclosure value. It appears to be a supplemental term and does not appear in USPAP. Many thanks!!!
Joan M Conrad c21rksappraisals@epix.net
Dear Joan,
I do not know of any published definition of "Foreclosure Value." I suspect this is because there are so many variables that determine what a property is worth that has been foreclosed. For example, a house sold on the courthouse steps by the sheriff in Florida would have a different value than a similar house in "strict foreclosure" in Connecticut. What you need to do is ask your client for what they mean by "foreclosure value" and then write a definition and have your client — as part of the scope of work discussion — agree that they will accept your definition.
H2