PE has the following questions and observations:
I never said that Life Estates sold in the open market. You did. I don't believe that I've EVER heard of a LIFE ESTATE selling. But if one did, it would be discounted even further than the original discount, which would render it not reflective of the life estate that I am valuing. Therefore, not comparable.
So ... the fact that it sold at a further discount, which it does by the way, you are essentially telling me you are appraising a persons life tied to real estate instead of appraising the real estate? If the market reflects a steeper discount, isnt an appraisers job to reflect "market value" of the life estate?
I'm stating FACTS. You are stating THEORY. Flawed theory, with no basis IN or hopes of BECOMING reality. It's not a case of "My way or the highway." I'm stating the way its done.
I never said it wasnt done that way ... I said your mind is not open to recognizing that life estates sell ... I know of a family that purchased an adjoining property, to theirs, in which the occupant held a life estate granted to him from the owner, his son. His son sold the property to the adjoining family and the life estate remained in place as long as the father lived. Now you may say that is not the sale of a property which is encumbered by a life estate, I say it is. We can disagree .... but the property was encumbered by a life state and it sold for cash dollars to a party who was not part of the life estate in any way.
Furthermore, my "outfit" is worldwide. We acquire, sell, trade, lease, exchange, manage, and mitigate billions of dollars of real estate annually. These actions are performed by a few hundred individuals located around the globe. Our regulations require us to sell, lease, buy, etc. at Fair Market Value, not for the terms most favorable to us. We don't beat anybody up on price. In the final analysis, we get beat up pretty regular on price and terms. If it were any other way, it would be all over the front pages of the press and on prime time TV. We go to great lengths to determine Fair Market Value in everything we do. We have a reliable and professional vetting process that insures that is the case. I'm part of that vetting process. As a matter of fact, I'm at the top of the heap in that process and I take offense at your allegations of our "bias at measurement." That statement is false, egregious, without merit, and could only be made by an idiot.
You may take offense if you wish. That was not my intentions but rather to simply point out that your "outfit" (and those were your words from a prior posting not mine) is not without an iron in those fires. That may lead to at least the suspicion of "bias" and in most business circles only the potential of bias must exist for there to be a conflict of interest.
I do, however, thank you for calling me an idiot ... I see you fired the first salvo at name calling .... not that I dont expect it or cant handle it .... but its far from professional.
Additionally, most of our actions are contracted to private sector appraisers. There is a Scope of Work that requires them to value real property rights according to Fair Market Value, in accordance with USPAP, with the Uniform Standards for Federal Land Acquisitions, and in many cases, Public Law 91-646, the Uniform Relocation Act. This, along with our own stringent requirements, mandates valuation conclusions be at Fair Market Value. But supposedly, the hundreds of us and the thousands of contractors we use, all have a "secret handshake" and a whispered conspiracy to steal real estate from little old ladies and no one has reported it? PUH LEEZE!
You previously pointed out that your "outfit" appraised life estates all over the world and your methodology is exactly how they are done. My prior post showed you in Wales, just for example, your methods wont work because they are contrary to law. Life estates in Wales are treated as trusts ... Im sure you missed that post.
Its idiotic statements like that from irresponsible people like you that gives hard-working, dedicated professionals an undeserved bad reputation.
Nice name calling again ... you are certainly climbing that ladder of professionalism.
You need to retract that statement and apologize. Not just to me, but to the entire forum, the Appraisal Industry, and humanity as a whole for being a worthless creep.
A new name .. Thank you Connor I never realized that simple words on paper of disagreement could get you so angry. Have you ever spoken to anyone about that? Perhaps you should. I dont take personal offense to it .. I just take it for what its worth ... and its worth nothing so I give it nothing in concern.
You also said in an earlier post:
My outfit DOES appraise Life Estates around the world. There are 196 countries on this planet. Many of which are not democracies and the land is owned by the State. We also don't run into them there either. Whats your point?
See my prior explanation of this.
By the way, your statement above about England and Wales is a cut and paste from Wikipedia. Why don't you give credit where credit is due? In addition to being an idiot, you're also a plagiarist?
I believe you will find that my cut and past was from a totally different source .. now if by chance you find that it is also in Wikipedia ... then so be it .. .but I owe you nothing ... other than fact and the fact is that the statement regarding England and Wales is in fact true and correct.
Wikipedia? You want to argue with me about life estate valuation and you get your knowledge of life estates from WIKIPEDIA?
Lastly, there are some states in the U.S. that do not recognize Life Estates in the traditional sense. I guess that makes me a liar too, huh?
I dont believe I have ever called you name or a liar. You really should have than anger issued checked. You are starting to call yourself names and that cant be good either.
WHAT OTHER METHOD? YOU'VE SHOWED US NOTHING! NUT UP AND PUT UP OR SHUTUP!
All caps now .... yes that anger is getting the best of you Connor. Not to mention being totally out of context and off topic. Im surprised a Moderator hasnt spoken to you about that yet.
This statement is worth less than nothing. How could YOU own a property (in fee) that a second party (life tenant) has a life estate? Then a third party has the remainderman interest?
I understand encumberances ... I dont know where you came up with the third party remaninderman .. but again thats your issue not mine.
It can't be done. Show us the deed.
