We are all familiar with the appraisal process as it relates to estimating the value of a property and how this process is entirely based upon history. However, with a market falling fast can you really use old numbers to gauge values moving forward? Any property is worth what someone is willing to pay you for it…period.
Although an appraisal is an educated guess of what a property should/could sell for, they aren’t worth the paper they are written on if nobody is willing to buy for the price the appraiser put on it. The very best appraisal available is an AUCTION where buyers and sellers come together for the purpose of determining fair market value through the competitive bid process.
What more could you ask for?
Sunday, July 22, 2007
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