Question for appraisers or anyone who has knowledge on this type of situation:
We purchased a home at a trustee sale and learned after there was a Housing Authority Restriction. It essentially stated that the home was to have a restricted sales price and that the property needed to be sold to low/moderate income buyers. Turned out that in the legal agreement once the house goes through a foreclosure process that the restriction is then terminate. Great news for us, we got the restriction lifted off the title and we can now sell at market value to whom ever.
So now we have it listed and we wanted to get an appraisal to determine the market value, my question is: are restricted properties comps allowed to be factored into my market value?
Any advice is greatly appreciated!
