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Previous improvements, renovations or upgrades done by sellers are typical disclosures, as well as whether work was done with or without permits. Is a disclosure the same as an inspection? Disclosure is something given to the buyer by the seller documenting their knowledge of the property. If you know it, put it out there.
That’s why a complete home inspection is essential when looking at REO properties. Inspectors need to note any visible damage, check how well major systems are working, and estimate the cost of repairs. Cost Approach Determine the cost to rebuild the property, subtract depreciation, and add land value.
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