We work directly with Truist Bank, Atlantic Union Bank, and Trust and Wells Fargo Bank. We also do work for Bankruptcy Trustees and work with the Bankruptcy Court of the Western District of the Commonwealth of Virginia.
Additionally, we complete Equipment Appraisals for Bankruptcy Trustees, and work with the Bankruptcy Court of the Western District of the Commonwealth of Virginia, divorce Attorneys and individual companies.
Types of Appraisals Conducted
Fair Market Value
Market Fair Value is a general concept defined as an opinion of the most probable buy-sell price; the probable amount of money a buyer would pay and a seller would accept for an item of property under specific conditions relating to the assignment.
Liquidation (Orderly) Value
Liquidation Value is most often considered to be the value-in-place of property from a failed business that is scheduled to be sold intact as of a specific date within a limited time frame, in order to satisfy creditors. But for personal property, Liquidation Value represents the amount of money that would typically be obtained when converting any property to cash for any reason within a defined time period.
Forced Liquidation Value
Forced Liquidation Value for personal property, the most likely amount (expressed in terms of money) an item would obtain by a seller who, because of a sense of immediacy, is under compulsion to exchange the property for cash within a Market which may or may not be the most appropriate Market (i.e., the most lucrative Market), within a less-than-optimal marketing time, and with a less-than-optimal Marketing effort. Forced Liquidation assumes a Wholesale Market in which wholesale purchasers participate.
Replacement Value (New)
Replacement Value (New) is the worth of a property, based on the amount necessary for the buyer to obtain (through purchase) a NEW item of like kind, quantity and utility or with a NEW upgraded item. Replacement Costs (New) applies to depreciable property for which the exact or suitably-acceptable new substitutes can be obtained, such as common furniture and household goods. Note that Replacement Costs (New) considers that items may be upgraded to the latest model or style.