How do you define "offered for sale"?

[Smokey Bear]

This reminds me of first year contracts law class. In the first week or two, we were introduced to latent and patent ambiguity. We studied it until we were cross eyed. Some students got T-shirts that said "Frigaliment: it's about chickens". (Frigaliment was the case we were studying). We thought that if we didn't understand latent/patent ambiguity, we were going to flunk the class.

Later on when I did my contracts outline, latent/patent ambiguity was such a small part of the big picture, that I realized we could ace the class without having a clue about this subject, and that it didn't come into play that often anyway. That's what's going on here. Just check the damn box, explain how the deal came about and move on. Either that or take a class on contracts law.

 

[PropertyEconomics]

This reminds me of first year contracts law class. In the first week or two, we were introduced to latent and patent ambiguity. We studied it until we were cross eyed. Some students got T-shirts that said "Frigaliment: it's about chickens". (Frigaliment was the case we were studying). We thought that if we didn't understand latent/patent ambiguity, we were going to flunk the class.

Later on when I did my contracts outline, latent/patent ambiguity was such a small part of the big picture, that I realized we could ace the class without having a clue about this subject, and that it didn't come into play that often anyway. That's what's going on here. Just check the damn box, explain how the deal came about and move on. Either that or take a class on contracts law.

An appraiser is not responsible for questions of a legal nature.

 

[Ken B]

I think part of the confusion is that some are mentally adding "in the open market" to the term "offered for sale" as a requirement that the offer be reported and analyzed.

The problem with that addition is that it is not included in any regulation or requirement that all offers be reported and analyzed. I would think that if the powers-that-be wanted to restrict such analysis to offers made "in the open market", they would have so stated.

 

[Paul Isolda]

I'm not adding that in my mind. In my mind, the owner would have to do something to offer the property, i.e. list on MLS, ad in newspaper, lawn sign, something outward.

 

[Mr Rex]

I'm not adding that in my mind. In my mind, the owner would have to do something to offer the property, i.e. list on MLS, ad in newspaper, lawn sign, something outward.

Otherwise you have the equivalent of Real Estate Rape.

 

[PropertyEconomics]

If its offered and not advertised .. is it still rape?

 

[RSW]

If its offered and not advertised .. is it still rape?

 

[Ken B]

In my mind, the owner would have to do something to offer the property, i.e. list on MLS, ad in newspaper, lawn sign, something outward.

In other words, in your mind, the property must be offered in the open market.

I'm glad we agree on that point.

Now, don't go mentally adding anything to what I just stated we agreed upon.

 

[Mark K]

I'm not adding that in my mind. In my mind, the owner would have to do something to offer the property, i.e. list on MLS, ad in newspaper, lawn sign, something outward.

Soooo....

"Hey neighbor (cousin, brother, uncle, daddy (uncle-daddy in some parts of the country)), do you want to buy my house?

"Sure Paul, I've always had a hankerin' fer your indoor outhouse"

"Good. Come by later and you can put yur 'X" on the paperwork"


So in your mind, since it wasn't listed on the MLS, newspaper, lawn sign, or something outward (or does an oral conversation count as something outward?), the owner didn't offer the property for sale (with a signed purchase agreement as evidence)?

Well then, I think we've found the problem.

 

[Paul Isolda]

Mark K, see prior posts about offer being UNSOLICITED.