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November 2014 Archives

More foreclosures may mean more bank owned property purchases

The Arizona real estate market has seen a rise in foreclosure rates after a recent lull. The increased numbers may result in more bank owned property purchasesthat could translate to good opportunities for homebuyers in the area but may be stressing more mortgagors than before.

What is 'just compensation' during a federal acquisition of land?

The United States Constitution's Fifth Amendment protects citizens from having their land taken for public use without receiving just compensation for its value. Therefore, as outlined in the Uniform Appraisal Standards for Federal Land Acquisitions, any entity acquiring property on behalf of the United States must abide by specific guidelines in appraising the land in question. Because property appraisal for federal purposes raises unique appraisal issues, the standards of valuation are mainly determined by law.

What is eminent domain?

Sometimes it appears the government has taken over an area for its own use, even against the landowner's consent. For Arizonans, the prospect of losing your land to such a situation is a scary one, but certain key factors must be met before this type of extreme action can be taken.

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