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Definition of Market Value for Bankruptcy Appraisal

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V. Nightshade

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Nov 17, 2003
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Certified Residential Appraiser
State
California
For a bankruptcy appraisal what definition of market value do people use? (I'm in California.) For estate appraisals I've been using the IRS definition from Publication 561. Should I just add the standard limiting conditions form in Wintotal?

I'm using Wintotal's GPAR form and I'm wondering if I should add another limiting conditions form, or if this is adequate. I notice that ACI's is slightly different.
 

Randolph Kinney

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Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
For estate appraisals and bankruptcy appraisals, I have used the Fannie definition. My reason to do so is that is how most of your "market" sales were sold.
 

David Wimpelberg

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Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
For a bankruptcy appraisal what definition of market value do people use? (I'm in California.) For estate appraisals I've been using the IRS definition from Publication 561. Should I just add the standard limiting conditions form in Wintotal?

The definition in Publication 561 is not a definition of Market Value, but rather Fair Market Value.
 

V. Nightshade

Thread Starter
Junior Member
Joined
Nov 17, 2003
Professional Status
Certified Residential Appraiser
State
California
Thank you everyone. Makes perfect sense.
 
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