JM Real Estate Service is the company you should trust when it comes to bank owned properties in Palatine, IllinoisThere are various appraisal problems when it comes to a property in foreclosure or one that has reverted to the bank's ownership.
You need to understand the meanings of "market value" and a "quick disposition" assessment to analyze your possible charge-off liability when dealing with a house in foreclosure. The professionals at JM Real Estate Service can provide both snapshots of market value for our mortgage servicing clients, as well as "quick sale" forecasts that take into consideration your time constraints.
Owners of dwellings in foreclosure might be opposed to allowing an inspection of the property, thus presenting unique challenges. Sometimes the houses have been intentionally damaged, often by the former residents. Or, it's likely you'll discover nobody has occupied the house for months or the home neglected for extended periods of time.
For a house that has gone back to REO, you most likely will want it off your hands as quickly as possible. Regardless, you'll still want to consider three ways of figuring the value of the subject property: