Fannie definition of market value

[Overimprovement]

They are to put it proverbially, "a bunch of idiots". And that pretty much covers anybody in the profession - except for me of course.

Then why are you here? To sell your wares? Get a classified ad. To gloat over your alleged superiority? I sincerely laugh at thee.

 

[RCA]

With Biden's famous quote:

".. I believe we should go back to the position of filibuster when I came to the US senate 120 years ago. I believe the best way to get things done, if you like to hold a near and dear and use it and like to be able, anyway, I, we are really going to get a lot done. This is the most pernicious thing. This makes Jim Crow look like Jim Eagle. I mean this is gigantic!! ..."

and life in the appraisal lane,

I keep getting reminded of that movie "Idiocracy", and the world overflowing in Democrats someday in the not too distant (like today) future.

Idiocracy (2006) ⭐ 6.5 | Adventure, Comedy, Sci-Fi

1h 24m | R

www.imdb.com

 

[J Grant]

Can you be more specific about what elements in A, in this current market, should be bringing in a different opinion of market value than if an appraiser just used B? You keep wanting to have some great divide between the definition of price and market value. Well the Fannie definition clearly defines MV as PRICE, with several caveats. Which caveats are the issue in a rapidly increasing or decreasing market?

WE ARE NOT ALLOWED TO DECIDE TO USE B AS A SUBSTITITE .
(unless you state you did so - but note the URAR does not permit modifying the definition of market value - stating you used B would make it ineligible for lender use)
If you used B in the appraisal, but sign the report you used A, you did a misleading appraisal.

MV is expressed on URAR appraisals as A! THE END. We don't get to modify the MV definition to suit a market . (I wrote B as a bad example of what some are doing. Do you understand It? ) .

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

B) 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 most probable price of the real property that is the subject of this report is

 

[Overimprovement]

I keep getting reminded of that movie "Idiocracy"

Indeed.

 

[RCA]

Then why are you here? To sell your wares? Get a classified ad. To gloat over your alleged superiority? I sincerely laugh at thee.

That movie you remind me of as well.

 

[Overimprovement]

WE ARE NOT ALLOWED TO USE B AS A SUBSTITITE .
(unless you state you did, and URAR does not permit modifying the definition of market value so stating B would make it ineligible for use)

If you used B, but sign that you used A, you did a misleading appraisal.

I understand that, but the bulk of your discussion on this subject seems to imply some great divide between MV and price. The divide is not that great. What are the specific things in a fast-changing market that you would say cause there to be such a big difference in price and market value?

 

[RCA]

I mean look, if the Democrats can elect someone as genuinely dumb as Biden, one really has to question what the world is coming to.

 

[RCA]

I understand that, but the bulk of your discussion on this subject seems to imply some great divide between MV and price. The divide is not that great. What are the specific things in a fast-changing market that you would say cause there to be such a big difference in price and market value?

You think? Really this is absolute pure idiocy. MV of the subject property and the sale prices of the comparables are not the same and may be quite different. Why are you generating so much absolute rubbish on this forum - and private emails?

 

[J Grant]

Can you be more specific about what elements in A, in this current market, should be bringing in a different opinion of market value than if an appraiser just used B? You keep wanting to have some great divide between the definition of price and market value. Well the Fannie definition clearly defines MV as PRICE, with several caveats. Which caveats are the issue in a rapidly increasing or decreasing market?

I do not keep wanting a great divide between (the definition of price ) and market value There is no definition of price. There is a definition or market value. I say this not to be a nag but because it is critical.

I am saying for a MV purpose appraisal, the definition of MV can not be modified. We can not choose to exclude " price not affected by undue stimulus, or "acting prudently" from the definition (though some are doing exactly that )

" Well the Fannie definition clearly defines MV as PRICE, with several caveats. Which caveats are the issue in a rapidly increasing or decreasing market?"

Any of the caveats can be " the issue" Which is why some appraisers ignore them.- applying the caveats might result in the "issue" of a most probable price below a SC price !! OMG!!
The Caveats ARE the appraisal folks, in a MV purpose report.

 

[Meandering]

Price legal definition of price​

https://legal-dictionary.thefreedictionary.com/price
price in the law of sale, the money consideration for the transfer of property. In a contract of sale of goods, the price may be fixed by the contract or may be left to be fixed in a manner agreed by the contract or it may be determined by the course of dealing of the parties. Failing any of the foregoing, the buyer must pay a reasonable price.

Price Gouging Law and Legal Definition | USLegal, Inc.​

https://definitions.uslegal.com/p/price-gouging/
For example, price gouging may be defined as renting, selling or offering to rent or sell a commodity at an "unconscionable price". Price gouging statutes seek to stem opportunistic behavior, which is designed to take advantage of an unforeseen opportunity to charge a monopoly price by threatening to withhold output.

Value legal definition of Value​

https://legal-dictionary.thefreedictionary.com/value
Value differs from price. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value. 2 Lilly's Ab. 620.


You can't value gouge in a pandemic.

Unless of course, if you hire some (ahem) appraisers.




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