Most Recent Deed Not Recorded

Question: I have just completed an REO for a home that is vacant and been foreclosed on. When I go to GSCCCA.org the deed/data has not been updated for this property. Is there a website that gets and inputs their data faster than GSCCCA with regards to foreclosed properties?

Answer: I have always contended that you can do about anything in an appraisal provided you explain what you did. Here are two options.

1. According to the lender, this property was foreclosed on Tuesday, March 4, 2008. Apparently the deed under power was not recorded as of the effective date of the appraisal and verification was not possible. This appraisal makes the extraordinary assumption that the owner of record is XYZ bank who is the client.
2. According to the lender, this property was foreclosed on Tuesday, March 4, 2008. Apparently the deed under power was not recorded as of the effective date of the appraisal. A copy of the unrecorded deed under power was provided by John Smith, attorney for XYZ Bank. This appraisal makes the extraordinary assumption that the owner of record is XYZ Bank who is the client.

Either comment is acceptable. Put in the field "Owner of Record" on page one of the report, "See page xx of this report".