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This fish phenomenon reminds me of the housing market today. There is a lot of demand out there, with very little inventory. As soon as homes hit the market, they often sell in days, with numerous offers that usually bid the list price up. It may be due to inventory levels continuing to drop.
This can create challenges for both agents and appraisers, especially when it comes to determining the marketvalue of the property. As an agent, you might think that multiple offers are a clear indication of marketvalue and that the highest offer should be accepted as such.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” So, don’t say something open ended like: “the intended use is to provide a fair marketvalue of the property.”
MarketValue and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “marketvalue and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property.
So one main difference between traditional lender appraisals and relocation appraisals is the forecasting aspect: whereas lender appraisals determine a current marketvalue, relocation appraisals try to project what the sales price WILL be. Property Acceptability Criteria (II.A.3.a) percent of total applications from 45.6
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