Laserfiche WebLink
Value Type and Definition: <br /> Market Value: According to "The Appraisal of Real Estate" 13th Edition published by <br /> the Appraisal Institute, the following market value definition is widely used by agencies <br /> that regulate federally insured financial institutions. 'The most probable price which as <br /> property should bring in a competitive and open market under all conditions requisite to a <br /> fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the <br /> price is not affected by undue stimulus. Implicit in this definition is the consummation of <br /> a sale as a specified date and the passing of title from seller to buyer under conditions <br /> whereby: <br /> a) Buyer and seller are typically motivated. <br /> b) Both parties are well informed or well advised and acting in what they <br /> consider their own best interest. <br /> c)A reasonable time is allowed for exposure in the open market. <br /> d) Payment is made in cash in U.S. dollars or in terms of financial <br /> arrangements comparable thereto; and <br /> e) The price represents a normal consideration for the property sold <br /> unaffected by special or creative financing or sale concessions granted by <br /> anyone associated with the sale.' <br /> Extraordinary Assumptions and Hypothetical Conditions <br /> Environmental Extraordinary Assumption: The appraisal assumes the site is not affected <br /> by environmental contamination. <br /> Hypothetical Conditions: None <br /> Residue: R-2246B 076 8 <br /> Attachment number 2\n <br /> G-6 Page 264 <br />