Short Sale Appraisals Chicago IL

When property values decline, the mortgage on a house may be greater than its current market value. When the homeowner sells their property for less than the remaining mortgage balance, it is called a ‘short sale’. 

To be able to sell the property in such circumstances, the homeowner will have a get approval from their lending bank. They will have to prove to the bank that the value of their house is less than the outstanding mortgage balance. A short sale appraisal is the key to convincing the bank in such cases and supporting the sale.

Why is a Short Sale Appraisal important?

A short sale appraisal is crucial because it provides concrete evidence of a property’s market value. Following are some main reasons why a short sale appraisal is important:

• Lender Approval – A short sale appraisal serves as the basis for the lender’s decision to approve a short sale. Without a proper appraisal, the lender may not agree to the sale.
• Negotiating Tool – The short sale appraisal report can be used as a key negotiating tool between the seller, buyer, and lender during the short sale process.
• Accurate Valuation – A thorough appraisal ensures that the property is valued accurately, preventing the lender from being misled by an inflated price and potentially rejecting a reasonable offer.

Why choose AnDel Appraisals?

AnDel Appraisals knows the importance of a short sale appraisal for the homeowner. Having helped several clients in such cases, we have the experience and know what works and doesn’t work when it comes to short sale appraisals.

Our appraisals include a detailed analysis of comparable sales, market conditions, and property features to provide a comprehensive report that helps streamline the short sale process.

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.

We assure you that AnDel Appraisals will deliver industry-leading service for your short sale appraisal.