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Notices of Value (NOV)
When a lender forecloses on a property, the foreclosure is not considered a sale for property valuation purposes. When a lender sells a foreclosure property, which is called an REO (“Real Estate Owned”), it is considered as a market sale for valuation purposes. Under a provision of the Colorado Constitution, these sales are considered comparable market sales and cannot be excluded unless they are not “arm’s-length” transactions.
Arm’s Length: Sales between buyers and sellers acting independently of one another and who are not related in some manner. Related parties may be related by blood or marriage or they can be related through business relationships, such as partnerships, corporations, or other agency agreements. Related parties can include officers of a corporation who transact business with the corporation or its subsidiaries.
When foreclosure sales are verified, it is important that the condition of the property at the time of sale be noted. Many purchasers of foreclosure properties make improvements and repairs after purchase so the condition of the property at the time of sale must be documented. The Department of Property Taxation notes that unless an inspection is made or minimal expenditures can be easily confirmed, the subsequent resale of that property should not be used.
Deeds in Lieu of Foreclosure are not considered sales for valuation purposes, as they are deeds to the lender in lieu of formal foreclosure proceedings.
If you are seeking information about foreclosures in Teller County, please contact the Public Trustee in the Treasurer’s Office.
To access online information about foreclosures, please click here.
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