Foreclosure – Effect on Value

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Georgia Law requires a comment on the effect of value of foreclosures in the subject's market area.  Here are two comments that may be useful.

 

Make absolutely sure you cite the source below.

 

Source:  Paragraph 539-3-.02(1)(c) 1. d., Georgia Real Estate Appraiser Classification and Regulation Act and the Rules and Regulations of the Georgia Real Estate Appraisers Board as amended August 1, 2006.

 

According to Redlink Deed Records, there has been no foreclosure activity in this subdivision in the past year.

 

According to Redlink Deed Records, there have been 3 foreclosures and 17 sales in the subject's subdivision (or market area as described) in the past year.  The comparable sales are in the subject's subdivision (or market area as described) and any effect on market value caused by foreclosure activity is reflected in the sales price of the comparable sales.

 

Citing the GREAB rule and the source of your information are both essential.  Citing the number of sales is also critical some the intended user will have some basis for comparison.

 

Modified:  August 9, 2007

 

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