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The loan committee will consider the following factors in making its decision on an offer regarding repossessed property:
(1) the outstanding loan balance on the repossessed property;
(2) the current assessed, appraised, surveyed, replacement, forced sale, or market value;
(3) the present supply and demand for similar property;
(4) the length of time the state has owned the property;
(5) the length of time the property has been on the market;
(6) the ongoing management costs of the property to the state;
(7) any minimum acceptable offer set by the department;
(8) whether the offer is for cash or requires departmental financing;
(9) the credit history and financial condition of the person making the offer, if known;
(10) other factors that the loan committee determines to be significant.
History: Eff. 3/29/86, Register 97
Authority: AS 16.10.310 (a)
AS 16.10.510 (4)
AS 44.33.020 (1)
AS 44.33.245 (a)
AS 45.88.020 (a)
AS 45.90.020 (a)
AS 45.98.030 (3)
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Last modified 7/05/2006