Builder raises prices, no comps, no resales

[George Hatch]

By the time you have rejected the written definition due to it not fitting your talking point I fear we have reached an impasse.

 

[NachoPerito]

The appraisal assignment purpose stated is "an opinion of market value "

The appraisal assignment purpose is not stated is "an opinion of most probable price "

I still don't get what you are trying to say and how it is meaningful

It doesn't say "an opinion of most probable price"...….. but "an opinion of market value" would be the same thing as "an opinion of the most probable price" if we use the definition that was taught to us and assume the normal requirements of a fair sale. It is right there in the definition Market value is the most probable price ……. (i said probably instead of probable every time and had to go back and correct)

 

[J Grant]

By the time you have rejected the written definition due to it not fitting your talking point I fear we have reached an impasse.

????? I never rejected the definition . Where did I say that ?

I never rejected it ,that is a false statement... My talking point is no such thing, it is what exists.

what exists is: the appraisal is an opinion of value , the market value definition is the conditions of sale for that value. Again, pasted below, our statement of OMV from the URAR:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, ) - as defined, of the real property that is the subject of this report is

( as defined is the MV definition,!! And the MV definition is NOT a substitute for the my/our opinion of the market value

 

[J Grant]

I still don't get what you are trying to say and how it is meaningful

It doesn't say "an opinion of most probable price"...….. but "an opinion of market value" would be the same thing as "an opinion of the most probable price" if we use the definition that was taught to us and assume the normal requirements of a fair sale. It is right there in the definition Market value is the most probable price ……. (i said probably instead of probable every time and had to go back and correct)

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, ) - as defined, of the real property that is the subject of this report is

( as defined is the MV definition) THUS, the MV definition is NOT the same thing as < - my/our opinion of the market value

 

[J Grant]

Nacoh - It is right there in the definition Market value is the most probable price …….

"Market value " as a concept , with a set of terms, is NOT one and the same thing as our opinion of market value _ USPAP defines an appraisal as an opinion. That is literally their definition of what an appraisal is. The different types of market value definitions used exist as qualifiers of terms and conditions for the MV appraisal opinion.

A property appraised using the MV definition in URAR will likely have a different value $ amount than same appraisal using the Liquidation market value definition.

The different types of market value definitions exist to frame the appraiser's opinion per the conditions and terms of the MV definition used in the appraisal.

 

[George Hatch]

There are multiple definitions of value that can be used in an appraisal but that's irrelevant to the issue we're talking about here. The definition being used in your mortgage lending assignments is sufficiently explicit in its assumptions that there just isn't enough room to accommodate the pretzel logic being used here.

 

[J Grant]

There are multiple definitions of value that can be used in an appraisal but that's irrelevant to the issue we're talking about here. The definition being used in your mortgage lending assignments is sufficiently explicit in its assumptions that there just isn't enough room to accommodate the pretzel logic being used here.

There is no pretzel logic.

I am pointing out the fundamental fact that an appraisal opinion of market value is NOT one and the same thing ,as the definition of market value used in that appraisal.

Some seem to not understand it judging from the posts.

 

[DWiley]

There is no pretzel logic.

I am pointing out the fundamental fact that an appraisal opinion of market value is NOT one and the same thing ,as the definition of market value used in that appraisal.

Some seem to not understand it judging from the posts.

Put me on that list. To me, the above is oxymoronic

 

[Alsie35]

Put me on that list. To me, the above is oxymoronic

Hold your cursor over a member's name on the left side of their post. Then click "Ignore". And - *POOF* - You will no longer see or be alerted to anything that member posts. One of the finest features of this Forum. A lot of time saved.

 

[J Grant]

A) Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, - as defined, of the real property that is the subject of this report is

"As defined" below:

B) DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

A and B are not one and the same . That is because A) is the appraisal market value opinion, and B) is the MV definition used for the opinion.