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Old 04-01-2011, 12:33 PM
 
Location: Louisiana
290 posts, read 570,460 times
Reputation: 70

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4 States Consider Use Of Faked Appraisals : Mortgage Loans, Rates, Home Buying, Selling, Foreclosures


“...Homebuilders and real estate sales agents are concerned that the prevalence of distressed sales, and their subsequent use as comparables, is resulting in the appraised value of residential properties not matching the contract sales price, or in the case of new construction, the cost to build.”

"...And what about the profession of appraising? Why would any sane person or institution hire an appraiser who delivers anything less than a fair market valuation based on what’s actually happening in the local marketplace?"

"...A tip of the hat to the Appraisal Institute for trying to protect its members — and the public."


The author made a mistake by saying, "Fair Market Value." An Appraiser will deliver "Market Value." Please ignore the author when it typed, "Fair Market Value" -- it is simply wrong and, Market Value is 'factual.'

Last edited by Greeenback; 04-01-2011 at 12:48 PM..
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Old 04-01-2011, 12:56 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,532,806 times
Reputation: 2201
Quote:
Originally Posted by Greeenback View Post
...The author made a mistake by saying, "Fair Market Value." An Appraiser will deliver "Market Value." Please ignore the author when it typed, "Fair Market Value" -- it is simply wrong and, Market Value is 'factual.'
I doubt most people will understand or care about the distinction as related to the topic of the referenced article.

From Market value - Wikipedia, the free encyclopedia:

"Market value is also distinct from fair value in that fair value depends on the parties involved, while market value does not....
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Old 04-01-2011, 01:53 PM
 
Location: Louisiana
290 posts, read 570,460 times
Reputation: 70
Quote:
Originally Posted by rjrcm View Post
I doubt most people will understand or care about the distinction as related to the topic of the referenced article.

From Market value - Wikipedia, the free encyclopedia:

"Market value is also distinct from fair value in that fair value depends on the parties involved, while market value does not....
Find something more credible than Wikipedia when researching something about professional real estate definitions, and the correct professional real estate verbiage. Wikipedia just isn't credible enough for what you want to debate about.

I am simply disclosing a typo in the article. It is a minor thing, no big deal...
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Old 04-01-2011, 02:03 PM
 
Location: Union County
6,150 posts, read 9,973,907 times
Reputation: 5831
Quote:
Originally Posted by Greeenback View Post
Find something more credible than Wikipedia when researching something about professional real estate definitions, and the correct professional real estate verbiage. Wikipedia just isn't credible enough for what you want to debate about.

I am simply disclosing a typo in the article. It is a minor thing, no big deal...
How is possible for something to be more credible then Wikipedia?
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Old 04-01-2011, 02:09 PM
 
Location: OK
2,825 posts, read 7,519,202 times
Reputation: 2056
I am not sure I understand the OP, or the purpose.
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Old 04-01-2011, 02:21 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,532,806 times
Reputation: 2201
Quote:
Originally Posted by Greeenback View Post
Find something more credible than Wikipedia when researching something about professional real estate definitions, and the correct professional real estate verbiage. Wikipedia just isn't credible enough for what you want to debate about.

I am simply disclosing a typo in the article. It is a minor thing, no big deal...
OK, I was actually trying to be somewhat supportive, not debating you. There is a difference in the terms, which as I said, most people won't care about in relation to the article. I could care less if you find Wikipedia to be credible or not.

Edit: Also, I seriously doubt the author of the article considers it a typo. You may want to take up your concern with her.

Last edited by rjrcm; 04-01-2011 at 02:35 PM..
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Old 04-01-2011, 02:39 PM
 
Location: Louisiana
290 posts, read 570,460 times
Reputation: 70
Hi Mikey,

I didn't even look at the Wikipedia link. I know that Wikipedia can be altered way too much. I can become an Author in Wikipedia if I wanted to. Last time I checked it is an "Information Society Encyclopedia" that involves the Internet age/information age. The Encyclopedia is truly still in its infant stage, economically and socially.

I have Real Estate Appraisal Dictionaries and Texts, along with many articles that I have collected for a over decade. This is how I already know. I have studied diligently. It is just something that is casually said, when in fact it is "Market Value."

To answer your question directly: Because, Professional Dictionaries and Texts are more credible. If I want to win an argument about something, I am going to look at more credible sources of information. I am not saying that Wikipedia isn't nice to have, it just doesn't have all the right answers and it doesn't present the meaning correctly all the time, especially for technical definitions related to real estate (economical and legal terms mainly) -- it doesn't always tell the true and whole story within the correct light.

The misuse of the word really is no big deal. It was just a quick correction. I am not going to sit here and waste my time arguing about something that is petty. I can provide the correct definitions all day long, though, but it won't make iota of a difference and it won't solve anything productive.

Quote:
Originally Posted by Annemieke Roell View Post
I am not sure I understand the OP, or the purpose.
It is information of what is going on in the real estate market.

Anyone can take it as anything they want. It is just something that is going on and it is related to the real estate market. Some one may find it interesting and some may despise it and some may just don't want to look at it -- it is whatever the reader makes it out to be.

I simply posted it and corrected something.

Have a cool one...

Last edited by Marka; 04-02-2011 at 01:37 AM..
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Old 04-01-2011, 04:44 PM
 
3,020 posts, read 8,574,930 times
Reputation: 3282
Quote:
Originally Posted by Greeenback View Post
It is information of what is going on in the real estate market.

Anyone can take it as anything they want. It is just something that is going on and it is related to the real estate market. Some one may find it interesting and some may despise it and some may just don't want to look at it -- it is whatever the reader makes it out to be.

I simply posted it and corrected something.

Have a cool one...
"Fair Market Value" simply evolved into the more simple "market value", however the exact definition varies according to the source. For instance, market value used in condemnation refers to a specific court case and is very short. Federal regs are a common source, as is the Dictionary of Real Estate Appraisal published by the Appraisal Institute. I think even FNMA and FDIC have slightly different definitions. As I recall, the IRS still used "Fair Market Value" for a long time and may still today. It's simply an outdated term but not necessarily wrong. Lots of long-time lenders and regulators still use "fair market value", however appraisers will use the more modern terminology since most official definitions call it that.

"Fair Value" is a different value altogether. So called "bad banks" who took over non-performing loans and REO properties required the appraiser to use "fair value", which called for a specific marketing time limit, and a marketing period that exceeded that time must be discounted for time (time value of money discounting) including holding costs, sales cost, etc.. Fair value would often be 10-20% less than market value.
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Old 04-01-2011, 05:21 PM
 
Location: Louisiana
290 posts, read 570,460 times
Reputation: 70
Thank you, ETex2.
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Old 04-01-2011, 08:02 PM
 
Location: Union County
6,150 posts, read 9,973,907 times
Reputation: 5831
Quote:
Originally Posted by Greeenback View Post
Hi Mikey,

I didn't even look at the Wikipedia link. I know that Wikipedia can be altered way too much. I can become an Author in Wikipedia if I wanted to. Last time I checked it is an "Information Society Encyclopedia" that involves the Internet age/information age. The Encyclopedia is truly still in its infant stage, economically and socially.

I have Real Estate Appraisal Dictionaries and Texts, along with many articles that I have collected for a over decade. This is how I already know. I have studied diligently. It is just something that is casually said, when in fact it is "Market Value."

To answer your question directly: Because, Professional Dictionaries and Texts are more credible. If I want to win an argument about something, I am going to look at more credible sources of information. I am not saying that Wikipedia isn't nice to have, it just doesn't have all the right answers and it doesn't present the meaning correctly all the time, especially for technical definitions related to real estate (economical and legal terms mainly) -- it doesn't always tell the true and whole story within the correct light.

The misuse of the word really is no big deal. It was just a quick correction. I am not going to sit here and waste my time arguing about something that is petty. I can provide the correct definitions all day long, though, but it won't make iota of a difference and it won't solve anything productive.
I wholeheartedly disagree on your reasoning... But giving you the benefit of the doubt - in this case, what "Professional Dictionary or Text" would be more credible?
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