Hi all, we’re being reassigned to the DC area, and the Bureau has offered to buy our house at full appraised value (if it doesn’t sell after 60 days on the open market) through the GBO program.
We’re in a midwestern town that barely exists aside from the University there, and the rental market won’t come even close to breaking us even on the mortgage, so renting isn’t an option for us. Sadly.
But we’ve also heard that homeowners feel screwed over during the process. For anyone who has been through this as a homeowner, any thoughts on some of my questions?
Did the assessed value feel fair compared to the local market?
Were there fees, closing costs, or tax implications you didn't expect?
Any pitfalls or other things you wish you'd known beforehand?