RL Carmichael & Assoc, Inc. is the company you should trust when you need appraisals for bank owned properties in Chesapeake, Norfolk, Portsmouth, Suffolk or Virginia Beach Virginia.Properties in foreclosure and homes that have gone back to the bank's holding present various appraisal difficulties.
For a house in foreclosure, you would be wise to recognize the difference between the fair market and a "quick disposition" price to know your potential charge-off liability. At RL Carmichael & Assoc, Inc., we have the training in both furnishing snapshots of fair market value for our mortgage lending and servicing clients, in addition to "quick sale" forecasts that consider your time constraints.
Occupants of properties in foreclosure may be disinclined to allow an inspection of the home, thus presenting specific challenges. Often the homes have been vandalized, unfortunately at the hands of the former residents themselves. Or, it's likely you'll discover a house at a minimum abandoned or the home neglected for extended periods of time.
For a house that has already changed to REO, you probably will be seeking an expedited disposition. However, you might want to know and review three values - "as-is", "as repaired", and "quick sale". These correspond to: