Reasonable Exposure Time

[KenAZ]

The exposure time is the amount of time it takes to price the home at the market value.

 

[DWiley]

One of the recent changes made by the ASB was to addess some of the confuison that some have. Starting next year, USPAP will say, WHEN reasonable exposure time is an element of the applicabe value definition, the appraiser must...

In some value definitions, the expsoure time is the "reasonable time" established by market evidence. In other definitions, the exposure time may be a mandated period.

 

[Meandering]

To suggest that the "exposure time" can be any more or less precisely determined that that of "market time" seems to be rather meaningless. I watched a home take 3 years to sell, and when it resold 18 months later - stigmatized by a murder in the house - it sold within days for more than the original sales price despite being vacant for a year before being put on the market. What does that tell me? That the EXT and MKT could be chosen with a dart board with the same amount of precision.

Agree,
But 1 house needs 1 buyer. That buyer could show up today, or 6 months from today, or 3 years from today. The market theory is that underpriced homes will sell faster than over priced homes. We have proof when over priced properties sit on the market, years sometimes. Appropriately priced homes may sell anywhere from day one, through years, just depends on when that one buyer shows up, and is the reason we don't judge this by just one or two homes.

.

 

[Meandering]

One of the recent changes made by the ASB was to addess some of the confuison that some have. Starting next year, USPAP will say, WHEN reasonable exposure time is an element of the applicabe value definition, the appraiser must...

In some valeu definitions, the expsoure time is the "reasonable time" established by market evidence. In other definitions, the exposure time may be a mandated period.

The cricket in the wind was heard.

.

 

[J Grant]

I opine market exposure as a range ( 2-3 months for example) and specify providing the property is actively marketed and listed at a price close to the appraised market value opinion

 

[Pittsburgh Pete]

The cricket in the wind was heard.

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Something to do with "wind" certainly comes to mind when I read your posts!

 

[Meandering]

One of the recent changes made by the ASB was to addess some of the confuison that some have. Starting next year, USPAP will say, WHEN reasonable exposure time is an element of the applicable value definition, the appraiser must...

In some valeu definitions, the expsoure time is the "reasonable time" established by market evidence. In other definitions, the exposure time may be a mandated period.

Unfortunately, this does not fix your REO issue.

The Market Value definition from the 1004 that accompanies the REO addenda:\


against the REO addenda:


Only when reasonable, will the client imposed market exposure fit the definition of value. So changing USPAP even that small bit, does not negate that the Fannie Forms are talking out of both sides of their mouth.

And since Fannie decided that the REO addenda is for MARKET VALUE, and Fannie's definition of MARKET VALUE is for REASONABLE TIME FOR EXPOSURE TO THE MARKET.

Heck, the REO addenda still violates USPAP for appraisers to fill it out, as printed.

Because,
The form does not ask for any "other" value,
only market value.

.

 

[Meandering]

Something to do with "wind" certainly comes to mind when I read your posts!

What's a matter Pete,

Can't site the USPAP or you just need to be silly?

That's okay, we still loves you.

.

 

[Pittsburgh Pete]

What's a matter Pete,

Can't site the USPAP or you just need to be silly?

That's okay, we still loves you.

.

what becomes increasingly clear is that you don't understand the intent and content of USPAP---and you can't spell to save your life. I could cite some examples.

 

[Meandering]

Cite it Pete,

You have no argument other than how self important you think you are.

Cite your support.

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