REO Appraisals in Cook CountyHomes that have returned to the financial institution's control and houses in foreclosure present particular appraisal difficulties.
For a home in foreclosure, you would be wise to understand the difference between market price and a "quick disposition" to know your probable charge-off liability. At Financial Control Group, Inc., we have the experience in both providing snapshots of market value for our mortgage originating clients, in addition to "quick sale" forecasts that factor in your pressing needs.
Owners of houses in foreclosure, naturally, can present unique challenges: They might be unwilling to allow an inspection of the house. If they left the property already, they may have not taken care of the property for a long time - or worse, caused damage to the home.
For a home that has already changed to REO, you probably will be seeking a quick resolution. In any case, you'll still want to consider three angles for determining the value of the real estate at hand: