Who knows but you'll have the same rate from start to finish.Anyway, I hope this description helps you with your understanding.  

It seems like from your description of how close your buddy’s trailer is, the second lit away, this is too narrow to build anything on, hence low/zero assessed value.

This topic of cutting corners is so interesting, I wonder if we could devote the whole section of this forum to it, with photos and descriptions. 

Purchase price: $29,000 Cash invested: $12,000 This was the perfect description of a home with "the right things wrong".

I think you’re asking two separate questions, @Tim McNeely, and might want to post separately with more descriptive titles.If you foreclose on a property and end up owning it, it becomes Real Estate Owned (REO), or bank owned.

However, as an agent, the listing agent had to go to the tax records at the very least in order to get the legal description and owners names.

Closer look the description is 2 bed 1 bath home with 2 bed 1 bath apartment.

Based on the description.

I would ask an agent to pull a CMA with in 1 or 2 mil radian of a subject property, which sold within 180 days, similar properties, and then I would use app to see detail description, picture(features) and environment (map) to compare 3 to 5 like kind properties.

Also, not sure of your market, 1,100 sf is pretty big for a 2BR/1Ba in my area, most are 800sf or so, maybe add something in the written description about how big the apartment is.