chicago foreclosure list
Will my House Appraise out to agreed selling price?
My home in a south suburb of Chicago is under contract for a selling price of 186K. I’m concerned the house will NOT appraise at that amount due to the foreclosures in my immediate neighborhood. There are about 6 bank owned homes that have sold for 150-70K and several other homes that are short sales that are listed for sale in the same price range. The last regular sale home in the neighborhood was in August for 175K and this home was 200sq feet larger than my house and has an extra bedroom.
Thoughts on if my house will appraise out to 186k? I’m thinking the foreclosures in the neighborhood are going to hurt my appraisal being there are mainly bank owned sales for the appraiser to compare our house to?
It may very well not appraise for the offered price, but the appraiser will take into account comparable sales plus improvements you have in your house that make it more desirable. If it does not appraise, no bank will make a loan on the amount it’s not worth and you will have to lower the price or not sell it right now.
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