ASK Real Estate Services is the company you should trust when it comes to bank owned properties in Oak Park, IllinoisHomes that have gone back to the financial institution's holding and houses in foreclosure bring forth specific appraisal challenges.
For a home in foreclosure, you should understand the gap between market value and a "quick disposition" to know your possible charge-off liability. At ASK Real Estate Services, we have the background in both presenting snapshots of market value for our mortgage clients, as well as "quick sale" forecasts that factor in your urgency.
Special challenges can be present when dealing with owners of property in foreclosure. They may be disinclined to allow an inspection of the property. They may have moved out of the property already and/or ignored the care of the home for a long time - or in some cases caused damage to the property.
You will be interested in a quick disposition if the property has gone back to Real Estate Owned. So you may want to know about and examine three values: "as-is", "as repaired", and "quick sale". These symbolize: