Bankruptcy Appraisals

Bankruptcy Appraisals

Ever wonder how a bankruptcy debtor calculates the value of their home? You need to be as accurate as possible when your attorney asks you to estimate your home’s value. In fact, often times an attorney will recommend their clients contact a local real estate appraiser to perform an appraisal of the home to accurately assess its current fair market value.

A home appraisal provides you with an accurate assessment of your home’s fair market value. Significant discrepancies in the value of your home can create potential problems in bankruptcy. If the value is listed too low the client runs the risk of a trustee objecting to their scheduled valuation and potentially asking the court for permission to seize your home.

In addition, an obvious ‘low ball’ value will call your honesty, truthfulness, and credibility into question in future proceedings with the Bankruptcy judge, trustee, and opposing counsel. If a value is listed too high, a client may miss out on the availability of a Chapter 7 and/or end of paying back more than necessary in a Chapter 13.

Real estate appraisers, therefore, perform an integral function in the bankruptcy process. Appraisers usually estimate asset collateral values of secured creditors and debtor-in-possession (DIP) financing; help to identify and value sale/leasebacks, spin-offs, licensing and other re-organization opportunities; and are often involved in structuring and valuing restructured debt and equity instruments as well as assessing and opining on the fairness of proposed reorganization plans.

For these reasons, bankruptcy professionals quite often need to hire, work with and rely on experienced real estate appraisers. Our team of certified and experienced appraisers at Chicagoland Appraisals understands the complexities involved in assessing the value of a property under these difficult circumstances and work hard to provide you with the best possible experience.

We have expert witness and court experience in the United States Bankruptcy Court Northern District of Illinois, Chicago Division.

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Theresa VanderMeer
Theresa VanderMeer
2023-03-14
I coordinated remotely with Chicagoland Appraisals and had a great experience for my condo in Andersonville. Everything was timely and organized. Good experience overall!
George G
George G
2022-06-10
My wife and I are extremely grateful for the work that Chicagoland Appraisals did at our property. John arrived at our single family home (built 2019) in the Portage Park neighborhood of Chicago, IL. It was an in person COVID friendly home appraisal. John was super professional and had all the equipment he needed to conduct the appraisal efficiently. The turnaround time to receive the PDF file was super fast! The official appraisal conducted by John helped provide the necessary evidence needed to correct the value of our home compared to what a computer spit out from the Cook County assessor's office first pass assessment. Our Cook County 2021 first pass assessment was $740,000 = yearly tax estimate of $15,566.00 Our Cook County Assessor Post-Appeal = $669,390 = new yearly tax estimated of $14,081.00 This reflects an over assessment of $70,610.00 of our property! Our total estimated yearly tax savings equals $1485.00. $1485 x 3 years = $4455 of savings! (until next assessment) We did not hire any lawyers! We only followed the directions on the Cook County official appeal website. My wife and I uploaded the PDF file that Chicagoland Appraisals created and submitted a small residential appeal narrative to support our appeal. We did everything online and did not have to appear before the cook county property tax board. Thanks to everyone at Chicagoland Appraisals, our family can continue to live in the Portage Park neighborhood of Chicago. This company is accurate, honest, and professional. Chicagoland Appraisals offers excellent value for the work performed.
Ryan Mersch
Ryan Mersch
2022-05-25
John was very professional and provided the documents before estimated and has been very diligent and responsive to requests
Thomas Awrey
Thomas Awrey
2022-02-17
I had my Rogers Park condo appraised by Chicagoland Appraisals in mid January of this year. The scheduling process went smoothly and the in-person appointment was swift and informative. I was getting my property appraised to remove PMI, and received the appraisal 3 weeks after the appointment. The process was overall easy and professionally done. Would use them again in the future.
Mark Bair
Mark Bair
2021-04-27
I had an excellent experience with Chicagoland Appraisals and the owner John Tsiaousis and recommend his company and services very highly. I needed an appraisal for the condo I own in Logan Square neighborhood - and it was rather urgent. I had tried other recommended appraisers - but they were too busy or unavailable. I discovered John and Chicagoland Appraisers through them website - which left a very favorable initial impression and means of contact. John was highly responsive from the initial contact - and throughout the process. His approach is professional and courteous. The online scheduling tool was very helpful and enabled me to meet my timing needs. Chicagoland offers both virtual and in person appraisal services. I used the in person appraisal. He arrived on time, was prepared and conducted his inspection efficiently and thoroughly. John promised a quick turnaround on the written document - and actually exceeded expectations. The report was very well constructed and supported his appraisal with relevant comparable properties. John made himself available and responsive to my questions. In addition, the fees for Chicagoland charged were very reasonable and represent a great value for the services delivered. In summary, I've had numerous appraisals done on various residential properties I've owned over the years. I've never had a better appraisal experience than I had with Chicagoland Appraisals and John Tsiaousis. I highly recommend their appraisal services.