Pre-Foreclosure Appraisals Chicago IL
If a borrower defaults on their mortgage, meaning they stop making payments, the lender has a legal right to ‘foreclose’ on that property. In other words, the lender can take possession of the property to recover the debt owed by the borrower. This process is called a foreclosure.
If you happen to be in such a situation, a pre-foreclosure appraisal will prove very helpful and can open up options. It can help you negotiate with your lender, explore refinancing opportunities, or evaluate selling the property before foreclosure proceedings begin. AnDel Appraisals is a home appraisal company in Chicago that can help you in this process.
Why is a Pre-Foreclosure appraisal important?
A pre-foreclosure appraisal is important because it provides a realistic market value for a property nearing foreclosure. This helps both the homeowner and lender understand the potential selling price. It also allows them to assess the feasibility of a short sale and make informed decisions. These decisions could involve selling the property or exploring other options to avoid foreclosure.
Following are some additional key reasons that make a pre-foreclosure appraisal important:
- Potential Equity Calculation – By determining the market value, the appraisal helps both parties understand the potential amount of equity or loss involved in selling the property.
- Negotiating Tool – The appraisal report can be used as leverage in negotiations with potential buyers or the lender to reach a fair price for the property.
Why choose AnDel Appraisals?
AnDel Appraisals has helped several of its clients during their foreclosure processes with its quality pre-foreclosure appraisals. Our appraisals provide an accurate assessment of the property’s value, giving you the information you need to make informed decisions under pressure.
We have been in business for over a decade and are well experienced in providing any help regarding pre-foreclosure appraisals. Our team of appraisers possesses in-depth knowledge of Chicago real estate rules. Moreover, they are well versed in English, Spanish, and Polish languages allowing us to serve a more diverse range of clients.
By choosing AnDel Appraisals, you can be sure that you have the best in the business people working on your appraisal.