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Fair Market Sale?

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Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I have a house I am using as comp that I want to make sure is a fair market sale. The buyer had a condo that he was having trouble moving. The lady that bought the condo had a house she needed to sale to buy the condo. So they bought each others homes. No swaps. Actually sold each other their home.

The seller of the condo knew he could move the house easier so he bought it and put it back on the market and eventually sold it. I don't see a problem but am I missing anything here that might cause this to be a problem?
 

Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
I guess if he paid what she was asking with no other weird concessions.. and it was the best I had I would disclose in my comments the back story with the sales history and perhaps give it a little less weigth in the final reconciliation ... cudos on digging upt the dirt.. I bet it wasn't easy info to get. Peace, W
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Willing buyer, willing seller, not exactly entirely a clean open market sale...

but like Wendy said: don't weight it heavy, but if it's all you got to fill the slot, disclose and USE it!

and sleep well :wink: if you did your homework and went the extra step to disclose it in the report, you done good!
 
A

Anonymous

Guest
I don't think that you can honestly say that both parties were typically motivated, if you must use it make it comp #4 and explain the situation.
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I wouldn't want to use it. But if that's all there is, then break out the booze. :lol: Sometimes you gotta run what you brung.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
But if that's all there is, then break out the booze.
Ah, the fourth approach to value. The only thing is .... well.... she doesn't look so good the next morning.... :lol:
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
she doesn't look so good the next morning.

True, but who's thinking about that? "Right Here Right Now", M. :lol:

Actually I was thinking of an older song. Was it Nancy Sinatra? Not really my usual musical fare which tends more to the above quote, but... :wink:
 
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