Belanger Appraisals, Inc is the company you should trust when it comes to foreclosures in Virginia Beach, VirginiaThere are particular appraisal challenges for a house in foreclosure or one that has gone back to the institution's control.
For a property in foreclosure, you should understand the difference between the market value and a "quick disposition" price to know your probable charge-off liability. We can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that take into account your time line.
Owners of properties in foreclosure might be opposed to allowing an inspection of the property, thus presenting particular challenges. Sometimes the homes have been vandalized, unfortunately by the former residents. Or, it's likely you'll find the previous owners have moved out or the home neglected for long periods of time.
For a property that has changed to bank owned, you probably will want to get rid of it quickly. In any case, you'll still want to consider three ways of determining the value of the asset (or in some cases, liability):