Home Buying in Orland Park>Question Details

ljpyes, Home Seller in Orland Park, IL

In Cook County, IL, what percent over the assessed value of a residential home is the fair market value?

Asked by ljpyes, Orland Park, IL Sun Sep 9, 2012

With so few similar homes sold, can using the assessed value help determine what the appraised value will be?

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There is currently no correlation between the assessor's opinion of value (assessed value) where the beginning value was based on sale price & adjusted every three yrs., etc. and an appraisal as done by a certified appraiser based on recent comparable closed sales
The assessor does not consider short sales and foreclosures in an appeal process and an appraiser, doing an appraisal, has no choice but to consider both because he is dealing with the reality of the market place -that being that an overbearing percentage of recent sold properties are either short sales or foreclosures.
0 votes Thank Flag Link Tue Sep 18, 2012
I would use similar houses in the area. There is enough in Orland that have sold that you can compare it to.
0 votes Thank Flag Link Sun Sep 9, 2012
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