Chicago Home Bankruptcy Appraisals

home foreclosure sign

For clients involved in a bankruptcy, an attorney will often advise them to speak with a real estate appraiser to give an appraisal that determines their home’s current market value.

Hiring an experienced professional appraiser to perform the appraisal is necessary to avoid potential discrepancies in the estimated real estate value that can cause more complications during bankruptcy.

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A value that’s too low can result in a trustee objecting to their scheduled valuation and attempting seizure of the home. On the other side of the spectrum, if a value is appraised too high, a client may be required to pay more than is necessary in a Chapter 13 bankruptcy and/or lose the opportunity of protection through a Chapter 7 bankruptcy.

Any discrepancies may cause the person going through bankruptcy to appear less credible. These are the reasons why hiring an experienced professional appraiser is important when going through bankruptcy.

Choosing a Reliable House Appraiser

If you want the most accurate bankruptcy appraisal possible, you should find one with the experience necessary to provide a complete and objective report that will help you avoid losing more money.

We can help make the appraisal and bankruptcy processes more efficient and less painful than it may otherwise be. We understand that the longer it takes to receive an appraisal, the more difficult it can become to overcome bankruptcy.

Taking You Through the Bankruptcy Appraisal Process

The first step in the appraisal process is to establish a baseline value based on an evaluation of the home. A Chicago-based bankruptcy appraiser will visit the home to assess its market value based on the general condition of the home, appliances, roofing, siding, and certain other factors, like square footage and number of bedrooms.

The appraiser also determines the value based on the comparable value of nearby households. A bankruptcy judge then considers the appraisal and decides whether the value is valid. An experienced real estate appraiser can help ensure that the appraisal appears convincing, backing it up with documented support.

If the court agrees with the value of the home, the bankrupt homeowner is more likely to be able to keep the home.

Hire Professional Appraisal in Chapter 13

When filing for bankruptcy, getting a home appraisal should be one of the first actions to take, helping you avoid additional repayments in a Chapter 13 or allowing you to reap the benefits of a Chapter 7 liquidation bankruptcy.

A professional appraiser can significantly help your case, preventing the courts from suspecting you of dishonesty in your appraisal, which could subsequently harm your case. A qualified real estate appraiser can provide an accurate market value for the residence, without the need for multiple valuations.

Best Home Bankruptcy Appraisals in Chicago, IL

If you would like more information about bankruptcy appraisals in the Illinois Chicagoland area and connect with a knowledgeable appraiser today, contact Rick Hiton & Associates today by calling us at 1-847-897-9332 or filling out our online contact form. We also offer many different types of real estate appraisals.