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In most parts of the country, sellers (and agents) are required to document any known defects - whether current or past - to potential buyers. But some sellers don’t play by the rules and will try to get one past a buyer. What do sellers disclose to potential buyers? When does the buyer receive disclosure statements?
Appraisers must fully understand foreclosure processes, legal issues, and local market trends to set the correct market value for REO properties. They must carefully work through these challenges to provide fair value for lenders and potential buyers. Lease agreements in multi-family properties can also affect value and sale.
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