REO Appraisal in Cook CountyHouses that have reverted to the bank's holding and properties in foreclosure bring forth particular appraisal problems.
When dealing with a home in foreclosure, it's important to know market value versus a "quick disposition" value to evaluate your possible charge-off liability. The professionals at Mary Kay Moloney can provide both snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that respect your time constraints.
Particular challenges might be present when dealing with owners of properties in foreclosure. They may be uncooperative to allowing an inspection of the house. Sometimes the subjects show signs of vandalism, unfortunately at the hands of the former residents. Or, it's common to discover nobody has lived in house for months or the home languishing in disrepair for long periods of time.
For a house that has reverted to REO, you likewise will be going for a speedy disposition. However, you may want to know about and compare the concepts of "as-is", "as repaired", and "quick sale" values. These represent: