Real Estate Sales Verification Survey

[Sam Leon]

I recently purchased a Fannie Mae REO property and received a county survey form.

I assume information on the form may be used for assessing the property's value?

It asked me questions like:

Was property listed on the market?

Was there any relationship between Buyer and Seller?

etc etc etc...

There are a few questions in the survey I am not sure how to answer, depending on the intent and how the information is used.

In your opinion, does the sale price reflect market value?

How would you answer this? I think the sale price is slightly below market value HOWEVER the property has a huge city lien of over 300K on it and a ton of violations waiting to be cleared...so with that taken into account, how would I answer that?

Were there any special conditions affecting the sale price?

I guess I would need to explain the lien as part of this answer?

Has the property been remodeled recently?

Well yes, but the thing is, they all had to be ripped out because of the violations. So it's a yes but eventually will be a no.

Did the sale price include personal property?

Well this is another tough one. This means appliances like washer, dryer, refrigerator, microwave, dishwasher etc etc etc right? It did include some, but none listed on the purchase contract, because Fannie Mae said they don't want to include anything on the contract in case those appliances were stolen, missing, rented and repossessed...so nothing is listed, but I did inherit some appliances, some working, most don't, and have to be trashed.

Was the property in need of repairs at the time of sale?

Yes. Roof leaks, missing kitchen, illegal work with running fine etc etc etc...

So there are a bunch of questions that are "YES HOWEVER..."

What's the best way to handle this? Do they use it to jack up the assessment value?