Atlantic Appraisal Solutions, LLC is experienced when it comes to bank owned properties in Hampton Roads.There are various appraisal challenges when it comes to a house in foreclosure or one that has gone back to the bank's control.
You need to recognize the meanings of "market value" and a "quick disposition" price to evaluate your probable charge-off liability when dealing with a property in foreclosure. We can provide both snapshots of market value for our mortgage originating clients, as well as "quick sale" forecasts that respect your urgency.
Owners of properties in foreclosureunfortunately can present specific challenges: For example, they might be disinclined to allow an inspection of the house. Often the homes show signs of vandalism, often by the former residents themselves. Or, it's common to discover a house at a minimum abandoned or the home neglected for long periods of time.
For a property that has already reverted to REO, you most likely will be seeking a speedy disposition. In any case, you'll still want to consider three ways of looking at the value of the asset: